The Natural State is still reviewing the hundreds of medical marijuana business applications it received back in September 2017 and even though waiting is the hardest part, those that receive licenses can look to forward to the reality of Arkansas medical marijuana banking.
HomeBank, a bank in Arkansas with multiple branches across the state, recently announced that it’s partnering with Safe Harbor Private Banking, a compliant banking program for marijuana businesses, to offer transparent banking for cash transactions, as reported by the Arkansas Times.
“We felt like there was a strong need and we didn’t see anyone else stepping up to the plate,” said John Stacks, the chairman and CEO of HomeBank.
While HomeBank certainly has economic motivations for offering Arkansas medical marijuana banking, Stacks was also recently motivated by his newfound knowledge of marijuana’s medicinal properties and understanding that marijuana businesses need safe access to banking just like businesses in other industries.
“In the past year, when I talked to several doctors, I realized the medical benefits. My dad passed away a year ago. If I’d known then what I know now I would have found him some to help with the pain and nausea [of cancer],” Stacks said.
“[W]e want to do our part in the communities we serve by providing a service that will make those communities safer by providing [cannabis-related businesses] a way to conduct business other than in a cash-only environment,” Stacks told Arkansas Business.
According to The Baxter Bulletin, the five available Arkansas medical marijuana cultivation licenses will be awarded on Feb. 27 and the 32 available dispensary licenses will be awarded sometime in spring 2018.