New Medical Marijuana Banks In Florida For 2018
Many questions loom over the Medical Marijuana Industry in Florida for the new year. Marijuana Dispensaries, selling products and collecting cash have a unique problem, no banks will accept their profits, or handle their transactions.
Well theres an answer on the horizon, new medical marijuana banks are coming to Florida in 2018.
One of the first and most prominent in Florida is, First Green Bank. They have been willing to accept deposits and handle daily banking needs for marijuana related businesses, like dispensaries.
First Green Bank is an Orlando based, community bank, that only operates in Florida and doesn't need a federal charter. They are one of over 400 banks nationwide that has been open to "green banking," but now a corporate merger threatens that relationship.
A spokesperson for First Green states that a larger corporation is buying our Bank and does not want to be at risk for the marijuana part of their system. First Green says that this will not affect patients, or the dispensaries tho, since there are several UN named institutions lined up for Florida's Marijuana Industry providers.
The issue still remains that marijuana is illegal at the federal level and none of the mainstream banking institutes will even go near a marijuana based business. Furthermore cannabis is still classified as a schedule one drug with the government, making it almost impossible to research the heath benefits we have yet to discover.
All the "big guys" in Florida are currently using First Green Bank for their financial needs and will need a replacement ASAP, if this merger goes through. Only time will tell who steps in where, but with literally tens, of millions at stake Florida's marijuana business owners will get some solutions soon.
There is alot of room to grow in Florida, since there are 13 licensed dispensaries able to open 25 locations in Florida, many are fighting for their stake in this billion dollar bussiness and advancement in "green care" solutions in Florida.