Banker signs on for Rx accounts

Banker signs on for Rx accounts

Also, hemp and CBDs.



John Stacks, the chairman and CEO of a small Arkansas bank, last year voted against the amendment that allowed the sale of medical marijuana in Arkansas. But Stacks attributes his opposition to a “lack of knowledge” of the benefits of cannabis, and announced this week that his bank, HomeBank of Arkansas, will handle accounts from medical marijuana growers and sellers.

HomeBank, with branches in Little Rock, Portland (Ashley County), Greenbrier, Damascus and Marshall, will partner with third-party private banking company Safe Harbor, which Stacks said will provide compliance with complicated federal laws, such as the Bank Secrecy Act and anti-money-laundering laws, by vetting growers and sellers and keeping a transparent accounting of cash transactions. “Safe Harbor has been doing this as long as we know of,” Stacks said. By using Safe Harbor, the bank can “file the proper reports with the proper authorities and you take all that cash” away from the growers and sellers. “It hopefully prevents theft and crime.”


Originally published on ArkTimes.com.

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