Source: American Legal News
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All Cash Environment
Keegan Peterson, Founder and CEO of Wurk, a marijuana payroll, scheduling and tax management firm, says “people don’t realize how important banking is until they don’t have it.
“In this all cash environment, it’s difficult to securely run a business or prove you paid your employees, vendors, and taxes when audited,” Peterson said in a telephone interview.
“What’s more, many of these entrepreneurs don’t have access to business loans or lines of credit.
“Banking is a very serious hurdle that needs to be addressed,” Peterson says.
“We’ve developed partnerships with state-chartered banks and credit unions that support the cannabis industry, as well as provide a payroll and HR solution that services the unique needs of the industry,” he concludes.