The CBD industry has exploded in the market the past few years and it’s turning into a big business and profitable industry. Even though the market continues to grow and the demand for the product is there, many banks will not take on CBD or any cannabis-related businesses.
Currently, there are a small number of banks and payment processors who will work with CBD-based businesses. To be a successful business, they must obtain a business banking account to keep funds safe.
Fortunately, many banks and other financial institutions are starting to work with CBD-based businesses. With a CBD-friendly bank, you can do business daily, including depositing and withdrawing funds, seek loans, and invest.
Many CBD-friendly banks are offering monthly contracts that businesses can easily leave. By working with a CBD-friendly bank, the business now has a credit card connected to their account, which can help the business use ATMs, make payments online, and gives them the ability to do a number of other financial transactions.
If there are any payment issues with your business, your CBD-friendly bank can offer customer and web support. A CBD-friendly bank will also not charge CBD-based businesses with many fees that could harm their business.
They will also take extra care with compliance, since CBD business accounts are deemed high risk, which these banks have expertise in supporting growing businesses who are high risk.
Unfortunately, CBD-friendly banks still are not easy to find. Do your research on the bank and see what people say about the bank’s daily practices. Take a look at where other high-risk industries (e-cigarettes and vaping industries) use these banks as well.
With FLCBank, you can secure your cash, make and receive payments electronically, or by check. You can breathe easy with us and not worry if your account will be shut down due to your cannabis-related business.
Open a CBD Business Bank Account in Florida
At FLCBank, we help business owners with their banking. As a CBD business owner, we will work with you to make sure your business is always in compliance with our policies and federal, state, and local regulations. A cannabis business with proper banking solutions will have a better chance of success, and we want to help you get there. We understand the struggles of running a business strictly by cash.
Choose to bank your CBD business with a reputable financial institution like us at FLCBank. Our bankers are experts at finding the right financing solution for your business. We have a variety of accounts available to meet the needs of your business. Whether you are just starting out or have more sophisticated needs, we can grow with you as your business grows.
Our team of banking experts at FLCBank will help you get the right banking solution for your medical marijuana business. We have an array of business banking options to help you achieve your business goals and aspirations. Check out our options at our hemp and CBD banking page.
FLCBank is a leader in the banking industry focusing on solutions for the financial well-being of businesses and their owners, including those in the cannabis industry. We are a nationally chartered bank headquartered in Jacksonville, Florida with full-service branches located in Jacksonville, Gainesville, Orlando, and the Tampa Bay area.