We’ve talked before about why banks won’t touch marijuana. Or, that is, why big banks aren’t doing business with legal marijuana dispensaries. It’s a precarious predicament for marijuana dispensaries and business owners who find themselves stuck in all cash enterprises. Safety concerns alone have been cause for many to look outside of the U.S. banking system for solutions. But, as has been the case for centuries when it comes to all things commerce, a problem for one entrepreneur can mean a big opportunity for another.
Former finance execs and tech industry heavyweights alike are coming to market with solutions that take cash dilemma out of the marijuana business equation but offer improved tracking and record keeping functionality. As Business insider Shoshanna Delventhal reported this week, “we see a new relationship forming between marijuana businesses and new technology startups offering financial products and services that they need to grow safely.”
So who exactly are these startups brave enough to offer financial products to a business selling product that is still technically illegal? Here are 3 startup services for marijuana entrepreneurs that we are totally fascinated by:
Tokken will, using Bitcoin blockchains, which you can read more about here, create a clear path and process to track marijuana transactions in a way that is auditable and does not require cash or, at this stage, a traditional bank account.
Hypur promises a detailed tracking and record keeping software for marijuana businesses that may appeal to banks when applying for business accounts in the future. You can read more about Hypur here.
Kind Financial has a similar offering to marijuana entrepreneurs as Hypur but is more specific to cannabis in its suite of products and services. You can read more about Kind Financial here.
What’s been the biggest product or service to positively impact your cannabis business so far? Share with us. We’d love to know and may just feature you both.