Aviva Spectrum Sonia Luna Cannabis Banking

where you live this is ABC 7 News well
former House Speaker John Boehner is switching sides in the legal battle over
legal cannabis Boehner announced today he’s joining the board of the acreage
Holdings a multi-state cannabis business the Ohio Republican issued a statement
saying his thinking on cannabis has evolved and he’ll work to get marijuana
removed from the list of schedule one drugs that also includes heroin in 2009
boehner said he was unopposed to legalization now we’re just four months
in the legalized recreational cannabis here in California and there are still
numerous financial issues for cannabis companies to deal with so joining me
today is Sonia Luna thank you for coming in thank you for having me she’s the
founder and CEO of Aviva Spectrum and cannabis companies really they have
minimal access to banking and financial services so what can they do what’s
keeping them from banking well it’s not that they don’t want to bank if that
banks don’t want to bank with them so there was a recent study done it was
called the business of cannabis and only 368 financial institutions were actually
banking with cannabis and again it was not anonymous there’s 12,000 financial
institutions and credit unions available in the United States so that’s like less
than 4% so what’s holding them back the base to the pot industry is they don’t
want their banking charter to be removed by the federal governments that’s what’s
happening right now so the workaround is a lot of money orders some cash
transactions a lot of cash transactions actually right now what does that mean
though for tax day which is right around the corner right around the corner so a
lot of clients have become very creative they are scheduling certain deposits
with different taxing authorities that’s the IRS included they have certain
places that you can do that but it’s tricky and it takes a long process to
make an appointment sometimes to make those cash deposits because they are
quite large at times okay would cryptocurrency be an option that’s what
Hawaii is doing right right so I wish them the best of luck but I think
cryptocurrency there’s a lot of technology involved some risks also
involved I think the best strategy is what a lot of people are wishing in the
industry is to declassify it from a Schedule one drug to something
equivalent to something like over-the-counter like
you know aspirin because remember there’s been no documented death right
now for consumption of cannabis so why it’s on par with heroin and cocaine a
lot of people in the industry are a little frustrated about that okay and
several cities including San Francisco have actually considered opening their
own banks to help cannabis businesses could that make a difference it could in
the short term but the long term play I think as a nation I mean think about
what Canada is doing right we need to remove the this classification from a
Schedule one to something lower but yes it could be a short-term solution but
again we want interstate commerce if we want to be competitive internationally
and local and domestically as well so it could help but not a real long-term
solution do you think we are starting to head in the right direction and I think
both parties are starting to come together and realizing that there is no
objective data to really keep it and a schedule one and and I think the banking
industry knowing the growth pattern which I’ve seen several studies some say
is by 2025 it’ll be 24 billion do you really want 22 billion just in cash
going around you follow you know it just doesn’t make sense so I think both
parties are realizing they need to come together let’s stick with the facts and
declassify it from a schedule on to something a little bit more appropriate
alright so I think. Thank you for having me.

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