Comprehensive network for cannabis banking

Since its inception in 2017, Fincann has been building the Cannabis Banking Financial Network, a comprehensive alliance of industry-friendly financial institutions and acquirers. Led by Nathaniel Gurien, Fincann CEO and founder, the network works with more than 150 federally insured institutions with thousands of branches throughout the United States.

Gurien founded Fincann in response to the cannabis industry's need for compliant, sustainable and transparent commercial banking, payment processing and financial services. The banking network is active in all 50 states, providing B2C and B2B banking, ecommerce and credit services to industry-compliant operators across all cannabis industry sectors, he noted.

Ethical standards

Headquartered in New York City, Fincann has steadily expanded its footprint while adhering to its original guiding principles, which Gurien summarized as follows:

• "To promote a company and industry standard of the highest levels of compliance, transparency, and reporting as directly proportional to operational sustainability.
• "To provide a high-profile authoritative counterpoint to the breathtaking level of prevailing misinformation and lack of accurate information, data, and metrics relating to cannabis banking issues."

In addition to Gurien, Fincann's management team consists of Tahlia Fagan, director of banking services; Bill Walden, director of merchant services; Dave Thompson, director of underwriting and risk; and Diane Gurien, office manager.

Industry knowledge

Gurien pointed out that Fincann's complete suite of banking and financial services is unparalleled in the cannabis industry. After being repeatedly rebuffed by numerous banks, the company prevailed, pushing back against rampant misinformation and executing on objectives.

"In 2017, on behalf of a Nevada client seeking transparent banking, we contacted every one of the 50 banks in that state simply to offer a complimentary 'no-obligation' overview of the risks and opportunities of cannabis banking," Gurien recalled. Recognizing that most objections were based on feelings and not facts, Gurien chose to ignore their "pretexts and rationalizations" and focus on evolving their perceptions, which led to extraordinary successes, he stated.

One example of misinformation about cannabis banking is the notion that more than 600 banks support the industry, Gurien noted. This oft-cited falsehood is based on a prevailing misinterpretation of periodic FinCEN reports of marijuana-related SARs filings, he added. "As an industry resource, and to provide an accurate counterpoint, effective January 2021, Fincann will publish on its website our official cannabis-friendly federally insured bank counter, with the current actual number of U.S. banks supporting the industry, broken down by sector and featuring free real-time email updates," Gurien said.

Comprehensive suite of services

Fincann provides its growing network of partners with access to new markets and clients, uniquely needed resources with high revenue share and added value for existing solutions, Gurien stated. The company works with ISOs, merchant level salespeople (MLSs), and assorted payments enterprises that specialize in cannabis industry compliance, products and services. Together with its channel partners, the company provides a comprehensive suite of banking and financial services, which includes industry-friendly, full-service bank accounts, according to company representatives.

In addition to compliant B2C, B2B and online payment processing, Fincann provides industry-friendly working capital, asset-based financing, insurance, payroll and other financial services to cannabis industry stakeholders. Turnkey cannabis industry consultation and advisory for financial institutions and fintechs seeking to better understand and/or support the industry are also available, the company stated.

Regulatory navigation

Looking at Fincann's near-term road map, Gurien said the company will continue to help cannabis industry stakeholders by "offering a steady hand on the tiller through the cannabis industry's next five years of stormy regulatory seas." Top on the agenda will be helping to create a transparent, compliant and bulletproof B2C major card network and B2C payment solution for cannabis licensees, he added.

"One of our great pleasures, among many, of having the privilege of working in this community is the high level of collaboration and sense of common purpose that permeates it," Gurien said. "We're happy to call it home."

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