Hero Technologies a cannabis company focused on a "seed-to-sale" vertical integration strategy, has migrated its banking operations from traditional financial institutions to banks that specialize in marijuana-related businesses (MRB). The company expects that the move to MRB banks will facilitate its compliance with state and federal financial regulations and help it manage cash and financial risk as it grows. (Benzinga)
Banking for MRBs is challenging due to the varied regulations across the U.S., the cash-intensive nature of the marijuana business, and the explosive growth of the cannabis industry.
(Originally posted by Cannabis News)
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