Left Coast Financial – The Dispensary Business Banking Solutions Provider for the Cannabis Industry

PORTLAND, Oregon., October 7, 2022 /PRNewswire/ — Founded in 2016 and based in Portland, OR, Left Coast Financial Solutions is a neo-bank offering an online payment platform bridging cannabis and banking. As a provider of dispensary business banking solutions for the cannabis industry, Left Coast partners with a deposit-taking institution to offer checks, ACH, and transfers that allow businesses to receive money from customers and to pay their suppliers. It also provides free funds transfers, digital access to funds and ongoing payment compliance services.

Left Coast’s services are designed to support businesses throughout their physical life cycle, from seed to sale. Specifically for the cannabis industry, Left Coast aims to simplify the compliance process and make it inclusive for businesses that are often underserved, underbanked and overlooked.

Left Coast follows a compliance-based approach where its team of experts monitors every transaction. In doing so, it reduces the ongoing risks and costs associated with providing financial services to cash-intensive industries, such as cannabis.

Services offered by Left Coast

To get started with their services, Left Coast requires government-issued identification that establishes that the business is a registered identity at the same level as state and federal regulations. It also performs upfront financial analysis that ensures deposits match sales volumes.

As a provider of dispensary business banking solutions for the cannabis industry, Left Coast’s services include money management, compliance and transaction management. It also helps streamline the process by aligning it with standard financial practices such as electronic verification, automatic and recurring payments, and standard billing deadlines. Streamlining ensures that all industry operations related to transactions, regulation and compliance adhere to industry best practices.

To support the daily operation of cannabis businesses, Left Coast offers cash pickup, transit and deposit services. Without requesting a change in the client’s existing banking relationship, Left Coast allows the integration of its platform with current accounting software. Through online or mobile channels, it ensures that users continue to get all required access to their account information without interruption, 24/7.

Left Coast does not charge any monthly or other service fees and only recovers its costs when transactions occur. A business that does not transact implies a business that does not pay. This way, Left Coast’s services remain economically viable for businesses that are not capital-intensive and dependent on their day-to-day transaction volumes for continued operations.

All Left Coast services follow FinCEN guidelines, set by the federal government, surrounding cannabis-related businesses.

Media Contact:

Lea Goodsell
[email protected]

SOURCE Left Coast Financial


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