John Sullivan, a Nevada-based top bank executive, will now serve as the president and CEO of Integrated Compliance Solutions (ICS), a financial services firm that will work with legal cannabis companies.
Sullivan leaves behind four years as CEO and president of First Security Bank of Nevada. During his tenure at the bank, Sullivan made headlines as a banker who was not afraid to extend an open hand to those in the budding cannabis industry.
In an interview with Marijuana Business Daily, Leslie Bocskor, investment banker and chairman of the Nevada Cannabis Industry Association, cited Sullivan’s groundbreaking work in the industry: “I think it was June of last year that he got on NPR and publicly stated that First Security Bank of Nevada would be accepting deposits from legal cannabis businesses. That at the time was a watershed moment.”
Based in Las Vegas, ICS is currently releasing its “Seed to Bank” program, which will eventually be made available to firms in all states with legal marijuana markets. The firm is also developing ATM-like machines that will be installed in medical marijuana dispensaries and other places where customers can legally buy cannabis. ICS has already installed eight such kiosks in the Denver area.
In addition to working full-time with ICS, Sullivan will also work as a consultant to banks that are hoping to provide services to marijuana companies without drawing the ire of federal regulators.
Sources:
http://mmjbusinessdaily.com/bank-ceo-steps-down-to-enter-cannabis-industry/
Photo Credit: Steven Depolo