PORTLAND, Ore., Oct. 7, 2022 Founded in 2016 and headquartered in Portland, Oregon, 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 depository institution to offer checking, ACH, and wires that allow businesses to receive money from customers and pay their vendors. It also provides free cash-in-transit, digital access to funds, and ongoing payment compliance services.
The services of Left Coast are devised to support businesses throughout their brick-and-mortar entire seed-to-sale life cycle. Especially for the cannabis industry, Left Coast aims at simplifying the process of compliance and making it inclusive for companies that are frequently underserved, underbanked, and forgotten.
Left Coast follows a compliance-based approach where its team of experts monitors every transaction. In the process, it reduces common risks and costs associated with providing financial services to cash-intensive industries, such as cannabis.
The Services Offered by Left Coast
To begin with their services, Left Coast requires government-issued identification that establishes that the business is a registered identity at par with state and federal regulations. It also performs an initial financial analysis that ensures deposits match sales volumes.
As a provider of dispensary business banking solutions for the cannabis industry, the services of Left Coast include money handling, compliance, and transaction management. It also helps streamline the process by aligning it with standard financial practices such as electronic checking, automatic and recurring payments, and standard invoicing times. The streamlining ensures that all the segmental operations relating to transactions, regulations, and compliance adhere to the best practices in the industry.
To support the day-to-day workings of cannabis businesses, Left Coast offers cash pick-up, transit, and deposit services. Without asking for any change in the client’s existing banking relationship, Left Coast allows integration of its platform to the ongoing accounting software. Through online or mobile avenues, it ensures that users keep getting all the required access to their account information uninterruptedly, 24/7.
Left Coast does not charge any monthly or other types of service fees and recovers its costs only when transactions happen. A company not transacting implies a company not paying. This way, Left Coast’s services remain economically viable for businesses that are not capital intensive and depend on their day-to-day trading volumes for continuing operations.
All services of the Left Coast are following the FinCEN guidance, laid out by the federal government, that surrounds cannabis-related businesses.
(This information is primarily sourced from Left Coast Financial. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).