Encentus backs out of cannabis banking in Oklahoma

Those guidelines basically turn bank staff into auditors, Hallman said. She said cannabis banking accounts can never have a penny not accounted for at any given time, and reporting is incredibly arduous. “It takes a lot of time and software to really be able to keep up with it like we need to,” Hallman said, “and at least right now we’re not in the position that we can pour those kinds of dollars into software (and staff).” Hallman said she is sorry that even after charging fees, the cost burden of continuing to serve cannabis-connected clients necessitated Encentus’ departure from the industry. “It’s just we cannot financially continue to do it.

Source: Encentus backs out of cannabis banking in Oklahoma

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