NEW YORK (MainStreet) — First Security Bank of Nevada has opened a bank account for a marijuana dispensary and will begin transacting once licensed by the state.
“We are the first marijuana company to have a federally insured bank that will accept our deposits and clear our patient’s credit cards,” said GrowBLOX CEO Craig Ellins. GrowBLOX Sciences through its subsidiary GB Sciences Nevada received a letter of intent signed by Banker John G. Sullivan.
“It’s the bank that will divide the money into percentage for taxes and the rest into our corporate account just like with casinos where a third party counts the money,” Ellins told MainStreet.
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Federal money laundering rules require dispensary staff not to touch money from marijuana sales.
“We have an armored car company that will pick up money from our ATM-like machines at our dispensary,” Ellins said.
Like the C4EverSystems cash management kiosk, GrowBLOX will use its proprietary system created by a combination of companies that include MJ Freeway and BlueLine Security Services.
“I would love to do business with GrowBLOX,” said Mark Goldfogel, CEO of C4EverSystems. “I’ve tried to call Craig and work something out but have not heard back from him.”
First Security Bank of Nevada’s letter to GrowBLOX was signed June 10, which was about a month prior to the House of Representatives vote that now prevents the use of government funds to penalize banks that provide services to legal marijuana businesses.
Marijuana entrepreneurs, like Goldfogel and Ellins, are rejoicing.