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THC LICENSEE LEGACY FUND

Legacy funds refer to cash revenue earned, derived and accumulated as a state licensed marijuana-related business (MRB), defined as any enterprise that dispenses, cultivates and/or manufactures marijuana, and not banked on an ongoing basis.

Public companies and multi-state licensed operators (MSOs) present unique challenges in obtaining compliant, transparent, sustainable commercial bank accounts. This includes companies with hybrid corporate structures, including less-than-wholly-owned interests in other operating entities (licensed and otherwise).

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Much of this is due to a prevailing policy among many cannabis-friendly financial institutions to limit accounts to those operating within their specific state or region. Some also have policies restricting public entities as customers due to difficulties in conducting adequate due diligence and achieving adequate compliance with regard to invested capital and/or beneficial owners. Also, public companies may trigger additional federal compliance requirements and SEC scrutiny that banks, especially those relatively new to compliant cannabis banking, are reluctant to undertake at this time.

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If you are a public company, multi-state operator or conduct cross-border transactions, please also refer to our applicable industry sector section pertaining to your vertical(s) for detailed information:

  • THC licensees

  • B2B ancillary professionals and service providers

  • B2B ancillary product manufacturers and vendors

  • CBD retail and ecommerce

  • Hemp – resellers, cultivators, and processors

  • Cannabis seeds, kratom, and peptides

  • B2C ancillary products and services

How Empirical Solutions can help public companies contain compliant bank accounts

Empirical Solutions currently offers real, direct business checking accounts for THC licensees in the following states, including to and from Canada:

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  • Alaska

  • Arizona

  • Arkansas

  • California

  • Colorado

  • Connecticut

  • Delaware

  • Florida

  • Hawaii

  • Illinois

  • Kansas

  • Louisiana

  • Maine

  • Maryland

  • Massachusetts

  • Michigan

  • Minnesota

  • Mississippi

  • Missouri

  • Montana

  • Nevada

  • New Hampshire

  • New Jersey

  • New Mexico

  • New York

  • North Dakota

  • Ohio

  • Oklahoma

  • Oregon

  • Pennsylvania

  • Rhode Island

  • South Dakota

  • Utah

  • Vermont

  • Virginia

  • Washington State

  • Washington, D.C.

  • West Virginia

  • Wisconsin

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If your company operates only in ancillary, hemp or CBD sectors, Empirical Solutions now provides our clients multiple options in all 50 states, including full-service commercial banking services. These include, among others:

  • Checking accounts

  • Treasury

  • Payroll

  • Cash depository

  • B2B and B2C electronic payment solutions

  • Commercial lending

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