Need To Open A Bank Account For Your Cannabis Dispensary? Tips To Help You Through The Process
If you own a cannabis dispensary, now's the time to get a bank account. In the past, dispensary owners couldn't get bank accounts. Unfortunately, that made it difficult to conduct business. It also put many dispensary owners at risk for theft. That's because owners needed to carry large sums of cash. Luckily, many financial institutions now allow dispensary owners to open bank accounts. But, the process does take some extra work. Read the list provided below. Here are some steps you'll need to take to open a bank account for your cannabis dispensary.
Show Proof of Identity
If you're going to open a bank account for your cannabis dispensary, now's the time to gather your identification documents. This should include your valid driver's license and social security card. If there are other owners, they'll need to provide their proof of identity as well. In fact, you'll need to provide documentation for each owner of the dispensary. This includes owners who fall below the partnership percentage threshold.
Provide Tax Returns
If you've been running your cannabis dispensary for a few years now, you'll need to bring your tax returns with you. This includes tax returns for the dispensary and tax returns for all the owners. You should provide at least the previous year's tax returns. But, if you have more than one year, bring those tax returns as well. That way, you can show proof of profitability for your dispensary.
Document Licenses
If you want to open a bank account for your cannabis dispensary, be sure to gather your licenses. This should include any state licenses you have for your dispensary. Licenses show proof that you're authorized to conduct business as a dispensary in your state. If you don't have the appropriate licenses, get those before you try to open a bank account. If you've been doing business in another state, be sure to transfer your licenses right away.
Show Financial Data
If you need a bank account for your dispensary, don't forget your financial documents. Some of the documents you'll need include articles of incorporation, and sales transaction data. It's also a good idea to provide your profit and loss statements for the dispensary. These documents will make it easier for you to open a bank account for your dispensary.
Get the financial security you need for your cannabis dispensary, and use the tips provided here to gather the documents you'll need for your bank account. To learn more, contact a cannabis banking solution in your area such as Paybotic.
