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INDUSTRY SECTORS THAT WE SERVICE

CANNABIS

There are so many facets of compliance when running a Marijuana Related Business (MRB) in a state with regulatory oversight. One small mistake could incur a compliance violation that would result in hefty fines and possible the revocation of your business license. This is why hiring a cannabis compliance manager to specifically handle all compliance related issues is a smart move. One of the main reasons to hire a cannabis compliance manager is to establish store-wide protocols and policies that will serve as a safeguard against compliance infractions. Hiring someone who has experience in the cannabis industry as well as retail management will ensure they know how to develop and implement employee practices that are lasting.

HEMP

For bankers, it’s important to understand these specific conditions and qualifications to ensure agriculture lending stays on the right side of the law. In order for a plant to qualify as hemp it must have less than 0.3 percent concentration of tetrahydrocannabinol, or THC, the chemical element that has the psychoactive effects found in most strains of cannabis and what makes cannabis otherwise illegal under federal law, and the crop must be produced according to a regulatory framework established by the U.S. Department of Agriculture. Importantly, the CSA exception under the 2018 Farm Bill also applies to hemp derivatives and, in particular, to one derivative that has generated a great deal of interest: CBD, or cannabidiol, which is subject to oversight by the Food and Drug Administration.

FINTECH

Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services - from businesses to consumers. Fintech describes any company that provides financial services through software or other technology and includes anything from mobile payment apps to cryptocurrency. Broadly, fintech describes any company using the internet, mobile devices, software technology or cloud services to perform or connect with financial services. Many fintech products are designed to connect consumers' finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well.

ANCILLARY BUSINESSES

Which ancillary businesses a company chooses to deal with is especially important as the general public does not differentiate between the primary business and others who are doing work on its behalf. For example, if you call your cable company with a concern, the ancillary business that is handling that call will be the one who gives you an impression of how helpful your cable company is. Good or bad, an ancillary business plays a role in formatting a business' reputation in the community. An advantage of trusting non-essential business to ancillary companies is that it allows an organization to focus on their primary objective. For an engineering firm, that may mean the design and development of a better product.

COMPLIANT BANKING

Thirty-three states and the District of Columbia have legalized the sale or use of cannabis. Yet, the federal government is struggling to keep up, and cannabis legislation has been stagnant. As a result, there is no safe harbor in the cannabis industry, meaning there is no legislation that assures the safety of banking cannabis. So, many who enter the cannabis industry have preferred stealthier ways of banking. While banking workarounds to open, or compliant, banking may work, they come at a cost. In the long term, businesses that openly bank have access to more reliable financial options.

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PAYMENT PROCESSING

The payments industry is a rapidly changing scene that is constantly in flux due to the introduction of new payment methods, mergers and acquisitions, and new technology. Especially as technology advances, we’re seeing payment technology companies play a bigger role in the payments industry—and many of them are even merging with traditional financial institutions to cater to the latest customer and merchant preferences. Unlike in the past, when payment processing was simply about facilitating the transfer of funds, the newest players in the payment processing world are completely redefining the customer experience and enabling business owners to manage their businesses with incredible ease.

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PCC UNDERSTANDS HIGH RISK BANKING COMPLIANCE

Along with your personal PCC advisor, you’ll also have an experienced team of compliance specialists to help facilitate due diligence, site surveys, account acquisitions, revenue audits, compliance oversight, and daily operating reporting.

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INFORMATION TECHNOLOGY (IT) AND COMPLIANCE FOCUSED

Information technology (IT) plays a vital role in commerce and business which helps the different organizations for proficiently working in order to elevate the output. Advancement in Information technology minimizes the required time for working in the business field. Electronic storage, protection of records and faster communication are benefits of IT which can be utilized to assist in compliant operations.

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WE CAN BUILD YOUR SPECIAL PURPOSE VEHICLES (SPV's)

A special purpose vehicle, also called a special purpose entity (SPE), is a subsidiary created by a parent company to isolate financial risk. Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt. SPVs have a number of key utilitarian features and benefits that allow investors access to investment opportunities which would otherwise not exist. These include facilitating and supporting securitization, financing, risk sharing and raising capital to name a few.

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WE UNDERSTAND SEED-TO-SALE COMPLIANCE TRACKING

Seed-to-sale tracking is already here, and it is already working wonders for both commercial users (licensed producers and distributors needing to manage their inventory), as well as government entities charged with tracking product from seed-to-sale and overseeing regulatory compliance in their state. Effective seed-to-sale tracking benefits consumers since it increases transparency across all levels of the supply chain, ensuring accountability from growers, processors, and product producers.

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BUILD YOUR OWN CUSTOMER PORTAL SYSTEMS

In today's fast-paced world, your business needs a digital branch where you deliver premium service to your customers. This means providing a one-stop service experience for the convenience of your customers. Pacific Compliance Corp can help with setting up portal systems to grow customers, manage your distributed organization, and lower your costs of doing business.

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