Oklahoma's nearly 10,000 Medical Marijuana Businesses (MMBs) have faced inconvenience, frustration, & deadly risks from the federal ban on banking services. Even paying taxes is a terrible problem for not only the shop owners, but also for the state employees at the Oklahoma Tax Commission.
Finally, one Oklahoma bank has stepped up to provide a public safety and business convenience for this industry. BancFirst has started accepting deposits for tax payments to the State of Oklahoma.
The long lines of proprietors at the State Tax Commission Office in Oklahoma City is now thinning out.
No, this isn't full service banking for dispensaries. Bancfirst isn't taking daily sales deposits or processing credit card sales, but it's the first statewide banking brand to form broad relationships with thousands of shops, growers, and processors.
This gives BancFirst access to millions of dollars each month, as it passes through their branches. It relieves MMBs of the wasted time of traveling to OKC with thousands of dollars in cash. It makes the Oklahoma Tax Commission run so much more efficiently and calms the fears of the state workers who were handling millions in cash deposits at the OTC.
Below you'll find the press statements from the OMMA and BancFirst, detailing this venture into MMB accommodations.
The soft rollout actually occurred last summer, but now it's getting even more efficient.
Nigel heavily focuses on the medical research and drug policy topics at SoonerPolitics, from an international perspective & a background in homeopathic herbs and agrarian culture.