iNDYWEED Southern Colorado
KindBanking may become the Wells Fargo of the marijuana banking industry as witnessed in a press release announcing the company’s upcoming feature in THC Magazine.
Founder and CEO, David Dinenberg says the company will provide financing and other financial services, including armored car and equity investments, to the “underserved” marijuana industry.
Traditional banks have steered clear of the marijuana industry because the possession and distribution of marijuana remains illegal under federal law, and there is concern that any bank associated can still face criminal liability.
“We are a business founded with family values and believe that the American Dream is possible within the cannabis industry,” Dinenberg says.
Citing the potential for “major” public safety concerns over the vast amounts of cash marijuana retailers have on-hand every day, Dinenberg says his company ensures safe cash storage options, while overcoming logistical and operational challenges as well. Initial locations are planned in Seattle and Denver.