Cash is King, But Credit is Power

Speakers

Please be aware that cannabis and related laws vary. Programming in this track is designed to inform attendees about this fast-changing industry, and does not promote the use or sale of illegal drugs.

One of the biggest challenges the cannabis industry faces is banking restrictions. Cannabis remains a Schedule I substance, preventing federally chartered banks and credit card companies from providing services. The absence of big financial institutions has led to many challenges: inefficient cash-only operations, limited access to capital, crime, etc. But it has also empowered startups to offer creative and compliant financial services. This session brings together a B2B cannabis marketplace of $1 billion annually, two cannabis brands with growing footprints and millions in cash on hand and a dispensary enabling thousands of transactions — without cash. Learn what deposit, payment and lending strategies businesses are employing and how they are building a legal green banking ecosystem.

Programming descriptions are generated by participants and do not necessarily reflect the opinions of SXSW.

Primary Entry: Music Badge, Platinum Badge, Film Badge, Interactive Badge
Format: Panel
Event Type: Session
Level: Intermediate