In November 2018, I became aware of a problem most people did not know existed unless you were one of the ones with the problem. This pertains to people who work in the Cannabis industry and why Kevin is your Cannabis agent.
People who are employed in the Cannabis industry in a state where it has been deemed legal to sell medical or medical and recreational marijuana have come across some very special problems. This is due to their chosen career industry.
Marijuana is still classified as a Class-1 Substance on the federal level. This means an employee may not be able to open or maintain any form of banking. If a bank learns of a deposit being made which came from working in this field they can close the account. Any attempts to circumvent this by other means may make it worse.
Any bank issuing a savings or checking account to these individuals could be seen as condoning money laundering. This can put the bank in with some very significant legal, operational and regulatory risks.
Any person with an account who works in this industry could see their accounts closed with little to no notice.
Since operating a simple bank account can be a problem the ability to obtain home ownership through conventional financing becomes an even bigger challenge. And, it is not limited to the financing. Title companies and insurance companies may not work with the buyer also.
When investigating the problem he ran across other problems a would-be buyer could have. First was that there were no title companies who would do the escrow for them. They were not insured to do these types of transactions and they could not take cash to open an escrow or close an escrow since all funds had to be wire transferred.
Of course, there was also a banking issue. Then there was the potential insurance on the home issue. All of these were roadblocks for any buyer who happen to have chosen a career in the Cannabis industry.
Kevin diligently started to find the answer to all four of the problems. He finally did find the solution. He found the mortgage lender who would give loans to the W-2 employee. Then he found a title company who would work with them. The in one single day he found the insurance company who would provide insurance on the home and he found the banker of one of the largest banks to give them both a savings and checking account.
When working with Kevin you will also have the option to work with a team of professionals who know and understand the process of buying a home for people in this unique situation.
Having a well-oiled team in place who can work together to solve the problem is more than half the battle.
We also have a mortgage specialist who has loan programs for people who are W-2 employees in the Cannabis space. They can qualify with the same types of loans like anyone else at no extra costs or fees.
We have a title company who is able to work with this industry just so as long as the funds are coming from a legitimate bank account.
We have one of the largest banks in the country who will give Cannabis employees regular savings and checking account. You can use any ATM across the country at no additional costs.
Our insurance agent can also give insurance on the home that you are buying with no extra fees or costs.
With this team, every step of the process can be handled for you to make your home buying experience as painless as possible.
To read more Articles about the Cannabis industry and how it applies to purchase a home please follow this thread. Kevin is more than able to help you as your Cannabis agent to buy a home today.
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