Sign Florida Banking Agreement Computer

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it's been about a year since I dropped my first video on CBD banking and CVD business banking accounts and since then banks have come and they have gone CBD businesses have come and they have gone and a lot of people just didn't know where to go to find legitimate CBD banking institutions and if you did find a bank during this crazy time period a lot of people just kept it on the hush and kept it to themselves but today I have three resources for you if you are a CVD business I have business and even if your business is a little mix of everything with a bunch of different things in between so let's go welcome back my cannabis crew I missed you I know it's been a while if you forgot who I am my name is Gillian dual Kadare you can call me Jill D and on my channel we talk about cannabis business and entrepreneurship from a legal perspective I'm missing a nail I'm not flicking you the bird I just literally broke it at the gym but anyway so there are over 1,700 of you that watch my youtube channel and watch my videos and the reason I know this is because I can see through your camera no I'm totally joking the reason I know this is because I can go to the backend of my youtube channel and look at my YouTube analytics and I can tell who's watching and a large majority of you guys are not subscribed so if you've been watching my video and you've watched other videos that I've put out then please go ahead and subscribe to the channel because at this point were in a full-blown relationship and it's a little bit rude to be frank the one of my major goals for this YouTube channel was to hit 5,000 subscribers this year and I can't do that if you guys don't subscribe so if you want to support the channel and you want to support me and you really do like my content please go ahead and subscribe and help me reach my goal and show me that the love is real you know it's only fair anywho so getting into the details of today's topic so as predicted last year the hemp and CBD industry exploded in 2019 and we've really seen some really high highs and we've seen some pretty low lows in the industry as well but one thing that has remained constant is the difficulty these businesses have had in finding and maintaining banking relationships with banking institutions in the u.s. most importantly it's finding institutions that will have a relationship with these types of businesses long term and not just for a few months until they dump the account because of some sort of come clients a regulatory issue that they're having with the bank or just out of fear in the beginning there were a handful of banks that were servicing CBD and hemp clients and some of them just either stopped servicing CBD and hemp clients for whatever reason I guess internal compliance reasons and then others were bought out by other institutions and could no longer offer those services so a good example of this was Florida Green Bank who serviced CBD clients then all of a sudden they were bought out and they had to drop all their CBD clients and not service them anymore shortly thereafter US Bank decided it was no longer gonna service CBD clients so there were a lot of people that were out of business a banking solution so what some people did in response to that in this last year is they went and opened up traditional business banking accounts with your traditional banks so what happened with a lot of these accounts is these businesses would open up these traditional accounts lie about what kind of businesses they were running with hopes that they would not get caught by the bank unfortunately the banks have ways of flagging accounts for all kinds of activities and some of these accounts were shut down what is the worst part of it all is that some of the business owners and some of the businesses were flagged in like a nationwide system and it made it a lot more difficult for them to open up accounts at other financial institutions because of the activity one bank flag so it can create a little bit of a mess but not to worry because today I'm going to share three resources with you and hopefully they will be of some assistance this information is as of the date of this video so if you call these banks of six months six years one year two years from now and things have changed please please please don't kill me so let's start with him so we've seen a lot of hemp friendly bank accounts pop up particularly out west and in the middle of the country you haven't seen a lot of activity here on the East Coast that I know of but one bank that I'm seeing more and more of is called West Towne Bank and Trust and they've even entered into strategic alliances with farming networks here on the East Coast and in the south which is super super exciting and you're probably wondering how I know that it's because I pay attention to things that are happening on LinkedIn people think that Instagram is where it's at but a lot of stuff goes down on the link link so if you're on LinkedIn it's probably a good idea to connect with everybody in the space that you can including myself on the platform before I jump into institution number two I wanted to go ahead and shout out one of my subscribers for their comment last week on my last video thank you so much for commenting I really really love your input and I love your feedback and I love chatting it up with you guys this is something that I'm gonna start implementing on the channel because I feel like we're growing into a really nice little community here and I would love for us to network so if you want to be featured on my next video please go ahead and like this video leave your Instagram handle below so I can follow you tell me a little bit about your business in the comments and then screenshot this video and post it to your IG story don't forget to tag me and then next week on my next video I will choose someone randomly to shout out next up is Banking for companies that sell CBD but may also sell other products as well Regions Bank actually allows companies like this to open traditional business checking and savings accounts with them at any branch the only caveat is that the CBD sales that are coming from your company cannot make up more than 50% of your sales revenue I don't know how they follow-up or track the percentage but I'm assuming that there's some sort of back-end compliance tool that they use to make sure that your sales don't go over 50% the great thing about Regions is that they have branches in multiple states so it's not something that's just limited to the state of Florida they're in multiple states which is a great thing I'm gonna go ahead and link Regions Bank and all the other banks that I mentioned in this video down in the description box now let's get to the CBD friendly banks a newer Bank on the scene as of the date of this video is Florida Capitol thing they've been promoting their banking institution as a banking solution for both CBD and hemp businesses another bank which several of my subscribers and viewers have brought to my attention was Drummond Community Bank and they are based out of Gainesville Florida so as of the date of this video those are two banks that we know are a CVD company something to know is that back in August 2019 the National Credit Union Association issued an interim guidance basically detailing what all credit unions would need to do in order to work with hemp clients from a compliance and regulatory standpoint this means that it basically laid out all the mechanisms that they would need to have in place in their institution so this allows credit unions a pathway for working with hemp clients so if you're having trouble finding a banking institution for your hemp business my advice from my previous videos still stands check with your state credit unions just see maybe three to four different banking institutions that are willing to work with you and willing to thank you it's just an exercise that we all have to go through unfortunately at this juncture in the business because there are so few banking institutions that are going to be available to us alright so you cannot tell me that I didn't drop some bomb information on you guys today cuz you know I did and that deserves a thumbs up so go yeah go give the video a thumbs up and while you're there don't forget to subscribe I cannot wait to see your comments and your IG stories this week please do not forget to tag me in them so I'm sure short short to see them 100% sure to see them I'm gonna be checking also I've got a ton of other CBD and hemp related videos on the channel I went ahead and I tagged the playlist for you here on the end screen I've got a lot of other business content as well please go ahead and check it out and hopefully it will be helpful to you in the meantime guys please stay safe out there please continue to put that social distance protocol in place and I will see you on the next video peace