Patrick McManamon, Founder and Director of Cannasure, was recently featured in a Bloomberg article entitled “America’s Legal Pot Economy is Forced Underground.” The piece examines the many ways in which businesses working within the legal marijuana industry (including those providing ancillary services, such as media, investment and insurance companies) are forced to operate at a disadvantage. At best, they are treated with suspicion. Commonly, they are outright denied critical resources such as bank accounts and advertising exposure.
This excerpt describes Patrick’s predicament:
In Cleveland, Patrick McManamon got the bad news when his wife’s debit card was declined at Target. PNC Financial Services booted McManamon from his personal account, his corporate account, and the 70-year-old account of a related family business. In 2010, he founded Cannasure Insurance Services LLC, an insurance business specializing in policies for the cannabis industry. It, too, doesn’t deal with actual pot plants. In fact, recreational marijuana is illegal in Ohio. McManamon tried to find another bank. It wasn’t easy.
To read the rest of Patrick’s story, check out the full article featuring the perspectives of several executives operating in the legal cannabis economy.