Author: James Dunn

North Coast’s cash-fueled cannabis commerce faces banking crisis

A swift bank teller might count cannabis-industry cash at 120 bills a minute. An electronic smart safe from San Francisco-based Union Bank hooked to a high-capacity feeder gobbles 800 bank notes a minute. In 20s, that amounts to $16,000 a minute or nearly $1 million an hour. Counting cash fast matters, now that cannabis is legal for adult use in California and local and state government agencies will collect millions of dollars in taxes on a multibillion-dollar industry. Santa Rosa sits at the heart of CannaCom Valley, the North Bay’s emerging home for cannabis commerce. CannaCom Valley business leaders...

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