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Hemp’s Hurdles: Merchant Processing & Business Banking
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About the talk
As regulation surrounding hemp cultivation and processing takes shape there remains tremendous confusion on both the industry and consumer side surrounding payment processing. As the SAFE Banking ACT stalls in the Senate and courts continue to scrutinize 280-E tax filings, support for the financial aspects of CBD sales and production can seem non-existent. Our panel of industry veterans, lawyers, and financial professionals discuss the legal and practical logistics of merchant processing and banking hemp-related monies.
00:40 Review of cannabis
04:23 CBD store
09:03 United States Department of Agriculture
13:14 Offshore Bank
17:23 PayPal
22:11 Electronic cigarette
27:57 Merchant services
About speakers
In 2009 I started my first public accounting firm, Shurek Accounting & Tax, operating out of my bonus room upstairs and meeting clients at their homes and local Starbucks. In 2012, after picking up my first 250 or so clients, I opened my first office, hired my first employee and began to grow my practice. Through advertising, networking and referrals, I picked up an average of 100 clients per year, consisting of a good mixture of small-to-medium sized businesses as well as individual tax clients, and had accumulated around 800 clients by my eighth year. In 2015, I started doing work for clients in the cannabis industry in various states, and after accumulating a few clients, in 2016, I created my new company, MCA Accounting Solutions/ MyCannabisAccountant.com. After working in the cannabis space for a few years and learning of the true need of good accountants to help businesses stay in compliance, In January of 2018, I sold over 600 of my clients to another local accountant and shifted my main practice focus to cannabis accounting. In the last four years or so, we have helped clients that own dispensaries, cultivations, processing facilities and ancillary service providers in almost every state that there is a legal cannabis program.
View the profileTravis Chrisman is President/CEO of two companies that are making a big splash in payment processing as well as CBD.
View the profileI like to consider myself a pioneer in the hemp CBD space. Before getting involved in the hemp industry, I had a successful personal training company. I helped individuals grow through a comprehensive plan utilizing both healthy eating and exercise. It is with the same passion and knowledge that I apply these holistic principles to my work with CBD. Over the past 5 years I have started two CBD companies that have each grown to upwards of 1 million dollars. In addition to ownership roles, I have also been involved in manufacturing and distribution of CBD products. I am now taking everything I have learned and am helping companies get started and thrive in the Hemp CBD space.
View the profileI only do cannabis deals from here on out. If I'm in court - it will be over a plant and a lot of zeros and a fairly complex deal. I will also consider bank clients - maybe credit unions but only if cannabis related. I also. build websites and digital marketing solutions for lawyers and small businesses. I help companies with immigration matters, corporate matters, cannabis compliance, and search engine optimization.
View the profileOkay, let's start. Good afternoon. My name is Jessica ahrendt. My I have a dual purpose in this industry. I own a company. Call promesa LLC. I specialize in compliance review of cannabis and hemp domestic and international and I am chief compliance officer for an organic brand called Kennedy Life. Who I almost forgot. I am filling in as moderator for this panel. I obviously don't look like Carrie Carrie couldn't make it. So my apologies, we are going to have to try
to wing it on this panel, but this is a conversation that I am most familiar with. I've been in this industry since its Inception, since the days of moms, with kids named Charlotte Figi. These are the kids that had debit syndrome and seizures neurological conditions, they were flocking to my home state of Colorado for Access to the extracts to say their children's lives and provide quality of life. So I've been doing this for nearly seven years. Now, somebody reminded me on the last panel and if you know anything about this industry seven years is like dog years in the hemp
industry. I think I've aged to 12 times that it has not been an easy industry, no industry in which you are making. History isn't easy industry and we trip and fall knock our teeth out and reinsert them and try again. The next day, That being said, one of the biggest hurdles that we have had in this industry wraps itself around the idea of banking and merchant processing, it has been an
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