Advanced Cannabis Solutions Purchases Bank Location In Denver

marijuana cash industry banking

The Bank Facility Purchased By Advanced Cannabis Solutions Will Be Called 'The Greenhouse' And Will Eventually Serve As A Full Service Bank For The Cannabis Industry

In the not too distant future, the cannabis industry will be allowed to bank like any other industry without obstacles. At least that's my hope. But I don't think that's too bold of a prediction considering just how much money the cannabis industry brings in. There are already some cannabis businesses using banks, but there are many, many restrictions involved, and more bank accounts get shut down than are allowed to stay open for cannabis businesses. One cannabis company is trying to take matters into their own hands. Advanced Cannabis Solutions recently purchased a bank location in Denver with the intent to eventually have it be a full service bank. Per Yahoo Finance:

Advanced Cannabis Solutions (OTC:CANN), a service provider to businesses in the regulated cannabis industry, announced today that it has entered into a Letter of Intent to acquire a 15,000 square foot commercial real estate facility in Denver, Colorado.

ACS intends to re-purpose the former retail bank into a multi-tenant office building that will, among other things, provide the largest shared workspace environment purely dedicated to participants serving the cannabis industry. The building will be re-branded as "The Greenhouse" and will serve non-regulated ancillary businesses to the cannabis industry, as well as providing educational and networking opportunities for licensees. The purchase of the bank is expected to close by October 17 and tenant occupancy to begin shortly thereafter.

It is central to The Greenhouse's strategy to leverage the existing bank infrastructure contained within the premises. The building has a traditional retail bank build-out, which includes two drive-through windows and six teller windows with cash management workstations. The existing vault has a steel door, is built of reinforced concrete, and contains over 2,000 safety deposit boxes. It is the intent of ACS to work toward a full-service banking solution serving the cannabis industry.

I think this is a great idea, and I love the name for the building. Hopefully when it gets up and running, I'll be able to get there to take a tour and write a blog article. Who knows, maybe I'll have enough dollars to open a basic account!