Marijuana businesses forced to find banking alternatives

Posted at 10:10 PM, Mar 22, 2019
and last updated 2019-03-26 09:42:45-04

GRAND RAPIDS, Mich. — As the medicinal and recreational marijuana industries grow in Michigan, a problem that has long-plagued the industry is experiencing growth too.

While recreational pot is now legal in 10 states and medicinal use is legal in 33, marijuana is still a federally illegal substance. Since banks are federal institutions, marijuana business owners were barred from using their services.

But there are options, like PayQwick.

“PayQuick is a compliance-based payment hub for cash intensive businesses,” said PayQwick Michigan's president Jim Dimitriou. “We provide cash management and e-payment services to businesses throughout Michigan as well as other states throughout the country that do not have access to regular banking services.”

Currently, PayQwick is helping marijuana business owners and others who rely mainly on cash as income circumnavigate the murky waters of legally turning a profit. They work in six other states besides Michigan and are federally bonded and licensed by the state itself.

What makes them different is that approval.

“A big reason why this works is because our hub focuses on connecting all the dots and tracking all the money, so it is federally compliant,” said Dimitriou. “What we have to offer is banking services that are not otherwise available in the industry.”

PayQwick even has established partnerships with book keepers, ATM companies and armored couriers to ensure the safe use and transport of money. And it’s not just for people using PayQwick’s services – anyone can use it to do just about anything a business would need.

“They deposit that under our name, we do all the compliances … and then our client has access to it the next day,” said PayQwick Michigan's CEO Jerry Rizqallah. “Then they bank just like a regular bank. Write checks, HGH, pay their taxes, payroll.”

To find out more about PayQwick’s services, visit their website.