Q: Can a US Federal Bank take in money from a canna-business?
No. The US government says it's illegal for Federal Banks to take in money from cannabis businesses.
Q: Can other banks take money from
Yes, those that are State chartered (State banks). The State mandates the State Bank's policies for retail and commercial services.
Q: So, NT is working with State Banks only?
Yes, but also Financial Institutions (e.g wealth management entities) that have a desire to get into the industry.
Q: Will a State bank, or Financial institution, only accept funds that are 'legal' at the state level and funds that are traceable?
Yes. NatureTrak provides the system for ensuring that the business' transactions are 'compliant' to state laws. ICS ensures that the business' legacy monies are 'legal/good'.
Q: Don't State Banks have FDIC insurance (Federal Insurance)? Does this mean the State Banks cannot insure the cannabis portion of their deposits?
Yes, the bank is FDIC ensured. FDIC is not mandatory for banks (they opt-in) and banks do not insure all their deposits. For example, in Bank of America's case, only 40% of its deposits are insured by the FDIC. That equates to $510 billion. The remaining $770 billion isn't insured, according to FDIC data. By comparison, more than half of an average bank's deposits are insured – 51%, to be precise.