Marijuana companies in Colorado could eventually have their very own bank if a publicly traded company has its way.
The consulting firm Advanced Cannabis Solutions has filed a letter of intent to purchase a 15,000-square-foot former retail bank in Denver. It’s long-term goal: Use the existing infrastructure to create a “full-service bank that serves the cannabis industry,” Christopher Taylor, the chief financial officer of Advanced Cannabis, said in an email.
“We will start in the next few weeks with financing for operators and startups, possibly move into a vault service in the interim and eventually have a regular bank in the building,” Taylor added.
It’s an ideal location: As a former bank, the building is already outfitted with 2,000 safe deposit boxes, drive-up service windows, a steel and concrete vault, and six teller windows.
But it could take a while for the company to figure out how to actually provide banking services, given all the hurdles involved.
So for now, Advanced Cannabis will focus on renting out office space in the building – which will be dubbed The Greenhouse – to a variety of ancillary marijuana companies including real estate, insurance, legal and financial firms. Additionally, it hopes to create a networking hub for the industry by hosting a variety of events and educational seminars.
Advanced Cannabis, which trades on the over-the-counter markets under the symbol ACS, will relocate its headquarters to the space from Colorado Springs.