We Cant Get Credit Lines.

Karl Mondon-Bay Area News Group
Utopia Farms cultivation production manager Sean Ashman inspects maturing marijuana plants in Santa Cruz County. We cant get access to capital. We cant get credit lines. We cant normalize our banking relationships. Every bank we talk to doesnt want to talk to us, said Larry Thacker, CEO of Caliva, San Joses largest dispensary. And yet we are going to Green Rush have to make payments in cash. I have been kicked out of our finest banks, such as Bank of America and Wells Fargo. Our local credit union kicked us out, said Debby Goldsberry of Magnolia Wellness, an Oakland-based medical marijuana dispensary. Growers face similar hardships. Banking is a nightmare, said grower Kaiya Bercow, CEO of Santa Cruz-based Utopia Farms, which is paid for its product by dispensaries entirely in cash. We do currently have bank accounts, but the vast majority of our finances are handled in cash Numerous local and national banks have closed our accounts once they discover we are a cannabis company and are high risk. Even ancillary businesses shops that sell grow lights or irrigation equipment, for instance must also be cash-based, according to Mondays panelists.

To read more visit http://www.dailydemocrat.com/article/NI/20170327/NEWS/170329901