Medical marijuana entrepreneurs in Nevada are considering the possibility of working with private vault companies to store their cash.
Vegas Vaults, a safety deposit box storage facility in Clark County, said it is already receiving inquiries from prospective MMJ business owners seeking an alternative to traditional banking services, which are largely unavailable to companies that handle cannabis.
The company allows customers to store “virtually anything” they want – including cash. Users can do so anonymously, meaning that Vegas Vaults doesn’t collect any information on these customers. That could prevent courts from seizing the boxes or locking down assets.
The company’s owner, William Bayne, said one challenge for potential clients that want to store money is that the boxes only hold approximately $1 million in cash. High-volume medical marijuana businesses might have to stockpile much more than that, given that many of them won’t be able to land bank accounts.
In other markets, entrepreneurs have paid to build vaults or safe rooms in their dispensaries, though these options are expensive and require ample space. Other businesses pay transportation services to move their cash to secure vault businesses.
Nevada passed a law legalizing dispensaries last year, and several communities have started the application process for MMJ business licenses.