Nevada state officials created a new type of banking system specifically for the state’s marijuana businesses. It’s a closed loop system designed to prevent theft and robberies.
Marijuana businesses are not required by the state to use the new system, they can continue to operate in all cash if they wish, according to Fox 11 News Reno. The state expects that the new banking system will roll out in July 2020.
State Treasurer Zach Conine said, “So the goal here is that when cash comes into the dispensary it’s converted through this system into a token and in that token can transmit between say the dispensary and production company, from a production company and a cultivation company, cultivation company and a landlord. Then the landlord converts the tokens using our vendor and our administrator back into cash.”
Silver State Relief supervisor Dustin Babaeghian said, “We’re really excited to see changes in the banking in the state. We think that it’s a positive move forward and we’re excited about the convenience it’s going to give us and our patients.”