With any industry that is considered high risk, many banks won’t want to touch those businesses, whether they are legal or not. They take a lot more compliance work, more customer due diligence, more monitoring, and more resources. In general, they take a lot more work to report on and to make sure you’re following all the guidance in terms of what you’re supposed to do for high-risk activities.
Many banks don’t like to even mess with any of that stuff, so they just don’t accept those kinds of accounts. Cannabis, whether it be legal or not, is high risk and high risk takes a lot of extra work. Your business will need to reach out to an institution that is willing and prepared to bank marijuana—to bank high-risk activity type of accounts—and they will need to discuss and determine what all is required in order to open up their business account.
Visiting Planet Pakalolo this week is Lonnie Talbert, President & COO at Southwest Capital Bank. Lonnie's team has been engaged in supporting this industry for a number of years and doing it quite successfully in terms of regulations and customers. There is a significant cost to compliance and a cost to maintaining and managing these type of accounts, and you want to have the right community of professionals to help you. Don't miss it!
Jonny Tsunami introduces his guest Lonnie Talbert who is streaming all the way from New Mexico where marijuana has recently been legalized. Lonnie tells the details on progress of people being approved to sell and distribute. Lonnie explains that they have to help individuals go through the process of understanding different packages and different licenses to begin to own a business in distribution. Lonnie explains that he has been banking for seven years in the sector of marijuana distribution, he shares that they are about to hit 100 cannabis related clients.
Lonnie talks about safe and how banking should be encouraged as cannabis related companies are growing rapidly. He relates it to the American dream and how it is being limited as this type of business is looked down upon due to the stereotypes that surround it. Jonny questions if Lonnie's clients are looking for more electronic transactions or more cash. Lonnie tells how credit and debit transactions are not only safer but also easier for both the distributor and the consumer. Lonnie goes through the process that goes into processing clients.
Jonny asks where Lonnie's passion for this business comes from and Lonnie shares how he has personally seen cannabis change individuals' lives around him for the better. Lonnie continues to share his passion for business to grow. Jonny suggests Lonnie get in touch with a previous guest on the show as she practices using marijuana medically. The two focus the conversation on pain and how people neglect the whole community of cannabis users when they could be another option for individuals that face pain and sickness. The two segway back into a business point of view and focus on trust and openness and how important it is for companies and their banks.
Jonny reminds his viewers how important it is to enjoy what you are pursuing as a career. The two recap Lonnie's professional history and share how much he has helped Southwest Capital Bank grow as times are changing. Lonnie shares the trajectory of medicinal and adult use in the years coming. Lee encourages people to follow the American dream and pushed for people to pursue jobs that will make them happy and encourages individuals to strive for more.
00:02:47.310 --> 00:02:50.010 Jonathan Colavita: hey everybody we're back its.
00:02:50.760 --> 00:03:00.480 Jonathan Colavita: planet poker low low time i'm your host Johnny tsunami, and this is planet pocket low low low For those of you who don't know Puck a low low is hawaiian slang for crazy tobacco.
00:03:00.810 --> 00:03:13.530 Jonathan Colavita: Also, known as marijuana but this show is about having a less taboo view about removing the crazy out of cannabis and talking to professionals in the space, who have a deep.
00:03:13.890 --> 00:03:23.160 Jonathan Colavita: understanding of how important it is to expose just how valuable this plant is to our society today.
00:03:24.000 --> 00:03:31.680 Jonathan Colavita: Visiting planet bako lolo this week is lonnie talbert President and see oh at Southwest capital bank.
00:03:32.070 --> 00:03:40.830 Jonathan Colavita: lobbies team has been engaged in supporting this industry, for a number of years and doing it quite successfully in terms of regulations and customers.
00:03:41.400 --> 00:03:52.680 Jonathan Colavita: There is a significant cost to compliance and a cost of maintaining and managing these types of accounts and you want to have the right community of professionals to help you so lonnie welcome to the show brother.
00:03:53.490 --> 00:04:00.720 ltalbert: Johnny great to be on and, as we were talking your name is Johnny my name is lying but i've never been called la nothing.
00:04:01.080 --> 00:04:04.260 Jonathan Colavita: Oh molly my mom he calls me Jonathan.
00:04:04.410 --> 00:04:05.580 ltalbert: Well, there you go right I.
00:04:05.580 --> 00:04:09.150 ltalbert: don't have my mommy calls milani oh wait no everybody calls me lani.
00:04:09.450 --> 00:04:11.070 Jonathan Colavita: Yes, I love it papi.
00:04:12.180 --> 00:04:14.220 Jonathan Colavita: i'm happy to have you on the show so.
00:04:14.250 --> 00:04:14.790 ltalbert: Thank you.
00:04:15.120 --> 00:04:20.280 Jonathan Colavita: We are here, tell me a little bit while before we start going into the heavy heavy heavy stuff.
00:04:20.490 --> 00:04:25.590 Jonathan Colavita: yeah a little just give me a little bit of what's going on in albuquerque new Mexico at the moment.
00:04:26.100 --> 00:04:38.190 ltalbert: So we've got legalization on the horizon, so this past session in January of 21 our legislature legalized the.us we've had.
00:04:38.730 --> 00:04:51.240 ltalbert: Medical marijuana cannabis, in place since 2007 when we pass the compassionate care act to really handle and take care of those who had medical needs around marijuana around cannabis.
00:04:51.690 --> 00:05:05.820 ltalbert: And this year we finally took the step forward and said let's make it legal for everyone so don't use comes in next April of 2022 is when the first retail sales will occur we're in the process right now of.
00:05:06.390 --> 00:05:21.780 ltalbert: Getting all the licensees vetted and I will tell you Johnny 900 potential licensees have already submitted paperwork, so I think no pun intended we've got a growing industry here in new Mexico.
00:05:21.990 --> 00:05:30.600 Jonathan Colavita: Ah, I like that we're growing we're growing is not only well in within the States, but all the States and we are spreading like wildfire.
00:05:30.630 --> 00:05:31.740 ltalbert: yeah let me.
00:05:31.830 --> 00:05:33.750 Jonathan Colavita: So we got 900 applicants.
00:05:33.840 --> 00:05:38.790 Jonathan Colavita: yeah um how many of these guys are even going to get a chance you know, a shot of the goal.
00:05:39.090 --> 00:05:49.110 ltalbert: is so you know it's one of those situations we have right now unlimited amount of licenses for adult use now they've also done some really good things and making sure that we have.
00:05:49.710 --> 00:05:58.350 ltalbert: Some micro printer opportunities so for those who don't want to be, you know big time, if you will want to do 200 plants or 400 plants.
00:05:58.620 --> 00:06:04.650 ltalbert: that they have a nice niche in the marketplace, maybe they say look, I want to be really high quality.
00:06:04.920 --> 00:06:12.750 ltalbert: focus on maybe plants like behind you, I see in planet pocket low low there looks like an iceberg, a candace bird right there you know.
00:06:13.050 --> 00:06:18.930 ltalbert: that's what we want to provide so we really want to provide an open environment to get as many people in the business as possible.
00:06:19.170 --> 00:06:28.290 ltalbert: But also make sure that we have you know inclusion for everyone who wants to really get into it, so not sure how many will actually be approved at the end.
00:06:28.560 --> 00:06:38.220 ltalbert: But for now everyone has a legitimate shot if you put together the right package yeah and that's what it comes down to putting together the right package right.
00:06:38.370 --> 00:06:43.320 Jonathan Colavita: Something that you are very much immersed in right now current moment.
00:06:43.740 --> 00:06:44.310 ltalbert: Totally.
00:06:44.670 --> 00:06:45.420 ltalbert: You know it's a.
00:06:45.450 --> 00:06:53.400 ltalbert: it's a big situation when you have people who aren't familiar with what it takes to get.
00:06:53.730 --> 00:07:03.840 ltalbert: A license in any situation right, I mean we all know what we're kids you want to go get your driver's license, what do you gotta do you gotta take driver's ED, then you got to pass a written you got passive driven.
00:07:04.170 --> 00:07:11.370 ltalbert: A driving test right well when you are trying to get a cannabis license for 150 pages.
00:07:11.850 --> 00:07:21.600 ltalbert: At least in new Mexico is standard for what you're going to turn in for your package to the State to see if you can get qualified, in addition, you want a bank.
00:07:21.990 --> 00:07:37.710 ltalbert: A banker who understands that so when you're putting all that paperwork together for the state we're not making you do extra work we're saying hey, let us partner with you to help you make sure you're doing the right work on the financial side as well, so it's.
00:07:38.880 --> 00:07:46.260 Jonathan Colavita: evolved now right and so when was the last major legislation change that occurred in your state.
00:07:46.710 --> 00:08:05.310 ltalbert: So literally last week regulations licensing department put out what they called sort of the final package of rules and regs related to adult use and so with that you saw and like I mentioned 900 applicants.
00:08:06.180 --> 00:08:17.790 ltalbert: sort of the floodgates opened and 900 different individuals, companies, however they're structuring their business said hey I want to get into green game right, I want to get to be a part of the new Mexico green rush.
00:08:18.240 --> 00:08:28.050 ltalbert: And so, but there are still tweaking it along the way they've been having public forums i'm actually participating next week and another regulation and licensing.
00:08:28.920 --> 00:08:33.720 ltalbert: department webinar talking to new potential potential producers and growers.
00:08:34.200 --> 00:08:45.180 ltalbert: And so, its ongoing, and so I think you know, whereas we may have felt last week was a big milestone i'm sure they're going to be tweaked continuing throughout and everyone's just gonna have to adapt and adjust.
00:08:45.630 --> 00:08:56.730 ltalbert: And sort of pivot quickly that's that's a big word last word use pivot that's a lot of what needs to happen, obviously in regular business, so we all know that but we're going to talk about regular business.
00:08:56.940 --> 00:09:07.350 Jonathan Colavita: You gotta be able to pivot or you'll never be in business, because this is always changing product is always changing people's user always changing, and so, if you don't know how to pivot it's a hard time, especially in cannabis oil.
00:09:07.890 --> 00:09:17.400 ltalbert: Well, I mean you mentioned it around you know, think about in the history of time of businesses and those who didn't pivot you know AOL was the first company to have instant messenger.
00:09:18.360 --> 00:09:27.240 ltalbert: I don't even know you know I still have an AOL email, and my kids asked me what does that even mean dad AOL right and or.
00:09:27.870 --> 00:09:38.850 ltalbert: blockbuster right they didn't see dv you know they saw DVDs coming in and see streaming coming there's one blockbuster left, I think I have an Oregon right, so you want to be able to pivot your business.
00:09:39.150 --> 00:09:50.220 ltalbert: And if you know rules and regs change you got to move quickly, because you don't want to get left behind and or you don't want to have them come knocking on your door saying hey guess what we got to take that away from you, because you didn't.
00:09:50.730 --> 00:10:06.690 ltalbert: Give us what we needed now with the new rules and regs and so having a banker like ours, you know, like me, or like our team is important, so you understand those pieces that will keep you, you know, keeping your doors open yeah, and so we another thing that we had mentioned to his community.
00:10:07.710 --> 00:10:09.540 ltalbert: Totally get it when we talk about.
00:10:09.540 --> 00:10:16.620 Jonathan Colavita: Legislation a lot of the legislation that's occurring is occurring on individual municipalities, while the.
00:10:17.220 --> 00:10:30.090 Jonathan Colavita: The state may pass it there there's no all these different counties and all these towns inside of these counties right lately in a new role amount of opinions about where they see it fitting for them.
00:10:30.240 --> 00:10:41.100 Jonathan Colavita: Totally like it's challenging for those people to get through that legislation and understand where they fit it's equally important to have a banker and somebody who deals with the Community on a regular basis.
00:10:41.190 --> 00:10:48.360 ltalbert: Right, well, I mean I saw the other day and I won't name the state, but a state that recently legalized adult use.
00:10:49.590 --> 00:10:53.160 ltalbert: municipal municipalities 26 counties said hey.
00:10:53.580 --> 00:10:59.940 ltalbert: No dispensary's in our towns and so to your point Johnny you know you got to make sure you're keeping up on that stuff because.
00:11:00.180 --> 00:11:11.970 ltalbert: You know if you all of a sudden get a license you're like hey i'm going to open in albuquerque new Mexico and if, for instance, of certain part of the city like old town says hey we don't want dispensary's on the Plaza.
00:11:12.240 --> 00:11:21.420 ltalbert: You gotta you gotta pivot you got to say okay well i'm going to change that or hey maybe you have to move my store what i'm planning a couple blocks away, you know you want to be prepared.
00:11:22.290 --> 00:11:39.600 Jonathan Colavita: And what, how do you feel you know, maybe albuquerque new Mexico compares to you know other states that have been immersed in the legislation, now that have moved forward like where do you think it falls on the timeline of being ready to advance to the next level.
00:11:39.870 --> 00:11:46.560 ltalbert: yeah I think that you know, like anything everybody's been wanting it for a long time right, everyone thought it would happen.
00:11:47.130 --> 00:11:51.210 ltalbert: You know, we had eight years of a republican governor and nothing happened.
00:11:51.570 --> 00:11:56.730 ltalbert: A democratic governor came in her first term first year, everyone thought oh it'll happen now.
00:11:56.940 --> 00:12:06.330 ltalbert: But we just weren't ready, so I think you know everyone's ready now the timing is right, I think we're taking the amount of time to do it right, will it be perfect, no.
00:12:06.540 --> 00:12:19.380 ltalbert: you wait for perfection you just get paralyzed right waiting for things to happen, so I think the timings good states around us like Colorado have had adult us since 2014.
00:12:19.920 --> 00:12:34.170 ltalbert: utah I think an error or Arizona has now got adult adult use utah's got medical so you've got a lot of different states that we can sort of parlay and benefit from learning from what they've done so, I think the timing is good, I think the timings right.
00:12:35.010 --> 00:12:42.540 Jonathan Colavita: And as far as timing goes How long have you been working within the cannabis space in banking.
00:12:43.020 --> 00:12:53.640 ltalbert: Seven years, so we we opened our first account sacred garden was our first account opened in 2007 or excuse me 2014 October of 2014.
00:12:54.120 --> 00:12:59.160 ltalbert: We have taken six months to really help prepare our program and get ready and.
00:12:59.760 --> 00:13:11.280 ltalbert: We were able to do that in October 2014 and we've just been added, ever since and seven years later, you know we paid our dues we've taken the lumps that come along with the regulatory environment like you mentioned.
00:13:11.700 --> 00:13:20.820 ltalbert: But, making sure that we invested heavily, not only in people and process and technology, but also in making sure our regulators understand exactly what we're doing.
00:13:21.090 --> 00:13:35.700 ltalbert: Because this is new, for them to you know if they if they had a state that didn't have marijuana cannabis now a sudden they're regulating the State that does their learning along the way, so you want to partner with them appropriately and I feel like we're doing that every day.
00:13:36.420 --> 00:13:42.330 Jonathan Colavita: So you have you started with the the one seven years ago, where you are where you're at currently.
00:13:42.720 --> 00:13:44.490 ltalbert: we're close to 100 who.
00:13:46.080 --> 00:13:51.960 ltalbert: were close to 100 and we're adding more every day, last week we approved another.
00:13:53.400 --> 00:14:01.290 ltalbert: we've got six ready for signature we've got another 15 meeting with colon or our cannabis relations specialist.
00:14:01.950 --> 00:14:10.170 ltalbert: Working with them, we got another one coming in Friday to sign, so you know with this 900 that I mentioned, you know they're going to have to bank somewhere.
00:14:10.440 --> 00:14:19.140 ltalbert: Because you know they just can't hold on to all this cash and not put it in a financial institution somewhere, we hope and believe that will be with us so.
00:14:19.650 --> 00:14:32.130 ltalbert: it's it's going to be a lot of work over the next 689 12 months as this continues to evolve and roll out but we're going to be there we're going to be the financial partner of choice, the Bank of choice in the cannabis industry in new Mexico.
00:14:32.520 --> 00:14:35.460 Jonathan Colavita: wow i'm happy to have you on the show man.
00:14:35.490 --> 00:14:39.180 ltalbert: Thank you, man i'm listen Johnny and lonnie I love it.
00:14:39.810 --> 00:14:53.130 Jonathan Colavita: Ah, and I think that and being an albuquerque that's a prime location, so you know that there's going to be a lot of there's going to be a lot of action going on there and i'm very excited I think that you guys and put yourself.
00:14:53.400 --> 00:14:58.020 Jonathan Colavita: In a great place let's take a little break and we come back.
00:14:58.830 --> 00:15:06.420 Jonathan Colavita: lonnie and Johnny are going to go on planet pot Hello and go a little bit deeper and talk about it so i'm here with lonnie topic.
00:15:06.660 --> 00:15:17.040 Jonathan Colavita: coo Southwest capital we're talking about cannabis and the Community will be right back talk radio dot nyc just listen to these messages and we'll take a little break.
00:17:31.230 --> 00:17:39.930 Jonathan Colavita: And we're back alright folks joining me here on planet Puck a low low with lonnie talbert Johnny and lani show i'm almost ready to change the name is so crazy.
00:17:40.170 --> 00:17:40.830 ltalbert: he's all alone.
00:17:41.430 --> 00:17:46.440 Jonathan Colavita: A lot of baby he's already been talking about us we got a little bit into the current events what's going on with banking.
00:17:46.650 --> 00:17:59.670 Jonathan Colavita: Specifically albuquerque new Mexico but we're going to go a little bit into the business Oh, what has to happen for successful cannabis Thank you so lonnie you got the stage good.
00:18:00.510 --> 00:18:08.250 ltalbert: Well, thanks, a lot Johnny tsunami and lani T lt Lon monster, whatever they used to call me back in the day.
00:18:08.490 --> 00:18:09.540 ltalbert: A lobster.
00:18:09.840 --> 00:18:20.160 ltalbert: love it so you know cannabis banking, as you and I have talked about Johnny there are so many myths around that in terms of that you know there aren't any banks out there, that will do it.
00:18:20.520 --> 00:18:35.160 ltalbert: Well, you know I read the other day, based on current filings there were about 650 around the country that indeed will bank cannabis that are open about it they're probably a few more that that aren't so open about it, but they sort of don't ask don't tell.
00:18:36.360 --> 00:18:50.490 ltalbert: As what you want to do with this show, is what we want to do in banking is no, you know transparency 100% openness we don't want to don't ask don't tell, we want to ask tell no judgment right let's get it going so here in new Mexico.
00:18:50.970 --> 00:19:01.860 ltalbert: You know we've been doing this, since 2014 we feel very comfortable and confident that we understand the banking industry as it relates to cannabis, what we need to do what we don't need to do.
00:19:02.190 --> 00:19:07.590 ltalbert: But we also provide our customers with all the necessary business services, so that they don't have to keep.
00:19:08.040 --> 00:19:14.160 ltalbert: tons of cash in their dispensaries and in their production facilities, because that's just not safe.
00:19:14.820 --> 00:19:25.590 ltalbert: The public safety issues alone related to cash handling you want to put that in a sound secure good place a good bank that understands exactly what your needs are.
00:19:26.010 --> 00:19:34.020 ltalbert: And these guys, you know they're spending money left and right growing their businesses buying grow lights buying horticultural and agricultural supplies.
00:19:34.290 --> 00:19:37.560 ltalbert: Making sure that their plants are well taken care of paying their employees.
00:19:37.980 --> 00:19:45.300 ltalbert: Do you know today Johnny if you work for a cannabis company and you try to get a mortgage and it's may not gonna let you do it.
00:19:45.630 --> 00:19:54.330 ltalbert: If you try to buy a car, and you tell them you work for a cannabis company and not going to let you do it, how how bad is that you're in a legitimate business.
00:19:55.020 --> 00:20:03.810 ltalbert: And you can't go do what everyone else in business can do, which is hey live your life, the American dream whatever piece of that you want to grab it's pretty sad.
00:20:04.020 --> 00:20:05.310 ltalbert: So I think what you're doing.
00:20:05.400 --> 00:20:10.140 ltalbert: What we're trying to do is legitimize that and make that safe for everybody, I like that.
00:20:10.230 --> 00:20:17.490 Jonathan Colavita: I like that now, when you talk about cash your clients currently what is, like the majority percentage wise of what.
00:20:17.520 --> 00:20:28.680 ltalbert: Like 90 90% cash man it's still 90% because you know, on the debit credit side because of federal legislation that it's illegal.
00:20:29.550 --> 00:20:39.930 ltalbert: A lot of these places, who are running debit or credit transactions aren't able to say that there are cannabis company, they say they're a flower shop, they say they're a bakery.
00:20:40.320 --> 00:20:52.350 ltalbert: They say that they're all farmer and they're they're saying that because they want to be able to provide a service for their customer who doesn't want to bring in a wad of cash wants to swipe a card and go on about their business.
00:20:55.320 --> 00:20:55.860 ltalbert: Right.
00:20:56.400 --> 00:21:04.230 Jonathan Colavita: See now now now you're hitting on some important stuff now you're really hitting some stuff because this is about the taboo.
00:21:04.770 --> 00:21:15.540 Jonathan Colavita: Right I don't want to go to my bank I don't want to go into my insurance guide and look for insurance for a second right if I go to the insurance guy I can't claim that the typical insurance work that I would want.
00:21:15.810 --> 00:21:18.210 Jonathan Colavita: Because they're not willing to give it to me.
00:21:18.330 --> 00:21:19.380 ltalbert: Right so.
00:21:19.440 --> 00:21:26.220 Jonathan Colavita: But how to operate as a business successfully if you're not willing to give me the same parameters that you give to a guy who's got a car wash.
00:21:26.610 --> 00:21:36.540 ltalbert: Totally it's it's definitely not in you know it's not a it's not a fair balance of scales related to these different financial services and so.
00:21:36.810 --> 00:21:45.690 ltalbert: The more that we can get people to get comfortable and and we talked you know the safe banking act is out there cost, the House is passed, the House so many times I can't remember.
00:21:45.900 --> 00:21:57.240 ltalbert: It always stalls in the Senate, you know but we've got to provide these financial institutions that safety and security that they can go out healthy industry, provide a service.
00:21:57.570 --> 00:22:10.680 ltalbert: and help the employees that work for those industries, so that they can go and feel safe and secure and get all of those things they want and need to live their life without carrying wads of cash in their pockets just not safe man.
00:22:11.160 --> 00:22:22.230 Jonathan Colavita: They feel your clients, that is, do they are they pushing for wanting to have their the people coming in to spend more money electronically.
00:22:23.010 --> 00:22:27.630 ltalbert: So yeah so here's the deal right and we have proven this out in the industry.
00:22:28.770 --> 00:22:41.940 ltalbert: If you allow debit credit card transactions most businesses will see anywhere from 20 to 40% increase in their ticket price Okay, because.
00:22:42.360 --> 00:22:46.770 ltalbert: When you have cash, you have a set amount that you walk in with you say this is what i'm going to spend.
00:22:47.520 --> 00:23:04.050 ltalbert: If you put it on a card it's like monopoly money man you just swipe and you go and you buy more because you're like huh i'm not having to think about you know wiping send it out the benjamins i'll think about it later and that's that's human nature in general um.
00:23:05.340 --> 00:23:08.910 Jonathan Colavita: How does that affect that How does that affect the business operator, though.
00:23:09.510 --> 00:23:21.270 ltalbert: So so so it lifts the business operator up when the when the average ticket price goes up they make more money, they can pay their employees more they can grow their business to a larger scale and.
00:23:21.540 --> 00:23:30.840 ltalbert: You don't have to worry about putting $50,000 in a safe until they can get it to a financial institution to a bank to a credit union that will protect it for them and Oh, by the way.
00:23:31.350 --> 00:23:41.730 ltalbert: Do you think it's really safe if they don't have an arm courier for one of their employees to run over to a bank with $50,000 i'm using that number Lucy could be 10,000 pick a number just not safe.
00:23:42.780 --> 00:23:50.700 ltalbert: You didn't want to handle that cash cash cash is not something people want to deal with every day they'd rather deal with with cards or electronic meeting.
00:23:51.480 --> 00:23:53.970 Jonathan Colavita: Right now, we have to deal with, as you said, 90.
00:23:55.590 --> 00:24:02.160 Jonathan Colavita: Do you have a lot of people, bringing over once they sign up to you as a client or the primarily been bringing cash overthrew.
00:24:02.190 --> 00:24:09.450 ltalbert: Totally yeah there were there were some that have been able to develop like we've talked about a relationship with a debit credit card provider, you know.
00:24:09.870 --> 00:24:20.220 ltalbert: i'm not exactly sure we don't ask those questions of them we let them run their business, we make sure they share all of those transactions with us, so we can track seed to sale.
00:24:20.460 --> 00:24:32.160 ltalbert: So that we can reconcile the sales going through their business to make sure we understand it, and so you know and protect them in that regard, and they protect themselves make sure they're not you know sending off a bunch of money to a to a.
00:24:33.060 --> 00:24:43.200 ltalbert: Foreign bank account somewhere else right and hiding it so from that perspective yeah we're probably processing right now with with our medical clients.
00:24:44.310 --> 00:24:45.510 ltalbert: Close to.
00:24:48.360 --> 00:24:51.120 ltalbert: 200 million a year in cash.
00:24:52.170 --> 00:24:55.620 ltalbert: wow yeah and we're small we're new Mexico right.
00:24:55.950 --> 00:24:56.670 Jonathan Colavita: Right like.
00:24:56.730 --> 00:25:08.280 ltalbert: Think about what's happening in some of the bigger states where they're doing 2 billion a year, you know, two and a half billion California 4 billion, whatever they're doing out there that's a lot of paper man.
00:25:08.790 --> 00:25:12.480 Jonathan Colavita: Correct me if i'm wrong you're, the first thing that came out to do this.
00:25:13.200 --> 00:25:22.380 ltalbert: We were, we were very yes to put the program together and the way that we did there had been some other banks or credit unions that.
00:25:22.710 --> 00:25:27.210 ltalbert: had been part of the sort of the don't ask don't tell and then soon as they found out, they would close.
00:25:27.600 --> 00:25:33.990 ltalbert: The account for the customers, but we were the first to put together a true cannabis banking Program.
00:25:34.290 --> 00:25:43.680 ltalbert: That we felt very comfortable with and that our customers felt comfortable with and ultimately the regulator's felt comfortable with and and be open and honest and transparent about it.
00:25:44.850 --> 00:25:46.530 Jonathan Colavita: I like that I like that so.
00:25:46.740 --> 00:25:48.240 ltalbert: In New Mexico in new Mexico.
00:25:48.270 --> 00:25:51.720 Jonathan Colavita: In New Mexico, so you know somebody walks in there.
00:25:52.740 --> 00:25:56.730 Jonathan Colavita: let's say we're a new client or number client 101 coming in walking in.
00:25:56.790 --> 00:25:57.450 yeah.
00:25:58.470 --> 00:26:03.930 Jonathan Colavita: How take me through that I walk into the bank i'm like a i'm a cannabis, you know dispel.
00:26:04.440 --> 00:26:19.710 Jonathan Colavita: Sure we're actually before we go there, do the people that come into the bank that our clients are the already established or do you have people coming in talking to you preemptively i'm not even on.
00:26:20.370 --> 00:26:20.730 Jonathan Colavita: This yet.
00:26:21.060 --> 00:26:27.900 ltalbert: yeah we have both you know we have obviously are established customers that are already in the medical space and have been for some time.
00:26:28.200 --> 00:26:34.230 ltalbert: And then we now have a lot of new people walking in who are saying hey i'm looking to get into this.
00:26:34.560 --> 00:26:41.820 ltalbert: What do I need to understand what do you require we sort of send them out the grocery list, if you will have things that we required open the account.
00:26:42.360 --> 00:26:59.220 ltalbert: But the first you know introduction is always just about hey what are you trying to do, what are you thinking about what do you need, and how can we help and once we after that dialogue, then we then we say okay here's what we need from you to make the process happen.
00:26:59.790 --> 00:27:05.550 Jonathan Colavita: I feel like almost where it's very nice to have that kind of comfortability having somebody let's say i'm not.
00:27:06.420 --> 00:27:18.000 Jonathan Colavita: I haven't gotten a license yet, but i'm interested in getting the license right because part of what we do here on the show is people that are also professionals that are already in the space, but may want to be in this space right.
00:27:18.090 --> 00:27:18.570 Jonathan Colavita: i'm a.
00:27:18.690 --> 00:27:22.410 Jonathan Colavita: New dispensary owner or i'm thinking about getting dispensary but I need a banker.
00:27:22.920 --> 00:27:36.060 Jonathan Colavita: Right, the insurance and to me if I can go to somebody, even if I haven't necessarily said i'm going to use you as my banker, but I can go to them, and I could say hey I have some questions about what I need to do.
00:27:36.180 --> 00:27:36.870 Jonathan Colavita: To get it.
00:27:37.380 --> 00:27:38.310 ltalbert: Right now.
00:27:38.370 --> 00:27:45.120 Jonathan Colavita: you're there you're there for me, you can say hey listen you better have X y&z better fit crossing your dot your i's dotted.
00:27:45.300 --> 00:27:48.600 Jonathan Colavita: And when they do that and come back to me because i'm your man.
00:27:48.900 --> 00:27:49.290 ltalbert: Right now.
00:27:49.440 --> 00:27:50.520 Jonathan Colavita: People feel really amazing.
00:27:50.940 --> 00:28:13.560 ltalbert: Well, and the point is what we talked about earlier Johnny you can walk in our branch, and you can say marijuana cannabis Mary Jane ganja I want to open a cannabis banking account and guess what we say great let's have you talk to Colin no problem, you know it isn't like oh hey.
00:28:14.760 --> 00:28:27.690 ltalbert: don't timeout don't don't say that loud come in the back door come around we'll talk to you later meet us after hours no it's all open, honest and transparent and making it as comfortable.
00:28:28.170 --> 00:28:36.390 ltalbert: And as non judgmental for the business owner as any industry right, I mean we have a way in America of.
00:28:37.080 --> 00:28:47.760 ltalbert: Making people feel bad about what they do, and you know again unless it's truly a bad thing right, you know, none of us want bad things occurring for people and for industries.
00:28:48.180 --> 00:28:57.630 ltalbert: But we want to make sure people feel again safe, secure and understand exactly what it takes to do banking in the cannabis industry in new Mexico.
00:28:58.110 --> 00:29:02.730 Jonathan Colavita: What about so now I got it we're gonna have to bring pollen on one day.
00:29:03.120 --> 00:29:08.640 Jonathan Colavita: yeah you keep named drama Cohen eventually i'm gonna have to put a face with a name.
00:29:09.030 --> 00:29:10.140 ltalbert: Yes, totally.
00:29:10.470 --> 00:29:13.110 Jonathan Colavita: So i'm sure he'll be excited um.
00:29:13.200 --> 00:29:14.880 ltalbert: it's a shame it's a shame, oh.
00:29:14.910 --> 00:29:15.630 Jonathan Colavita: Sure sorry.
00:29:15.720 --> 00:29:17.070 ltalbert: Okay yeah, no, no, no.
00:29:17.220 --> 00:29:19.860 ltalbert: Okay, one of those names you can't tell right even like.
00:29:20.700 --> 00:29:25.230 Jonathan Colavita: I don't care listen listen if you're a proponent that means you own it.
00:29:25.320 --> 00:29:26.580 Jonathan Colavita: And that's what they're about.
00:29:26.610 --> 00:29:37.020 Jonathan Colavita: Totally owe it to me having so when did you have someone you said I want somebody specific to be able to handle this actual niche within the banking industry.
00:29:37.320 --> 00:29:48.540 ltalbert: yeah so so when we when we first started looking at this in 2007 you know we knew we couldn't do it alone, so we hired our first you know full time employee and.
00:29:48.960 --> 00:29:56.850 ltalbert: His name was Taylor and he helped us put the program together, he did a lot of legwork and really was out there saying.
00:29:57.180 --> 00:30:06.870 ltalbert: hey, this is what we're going to need to do right and over time we've added more, we have a young lady named devin who ran sort of our front facing now we've always had behind the scenes.
00:30:07.290 --> 00:30:17.760 ltalbert: or PSA department is run by an incredible woman named Shannon Cox her team do an amazing job, making sure that regulatory Lee we are set compliance wise, we are set.
00:30:18.000 --> 00:30:27.090 ltalbert: So we have the people that are handling the due diligence and we, the people that are front facing saying hey, this is what we need from you in order to get to that stage of due diligence.
00:30:27.390 --> 00:30:32.610 Jonathan Colavita: I like what you're saying i'm taking real deep lonnie it's all about the people that you have on your team.
00:30:32.730 --> 00:30:33.330 ltalbert: Totally.
00:30:33.660 --> 00:30:37.500 Jonathan Colavita: You make people feel good about it they're going to want to come in, they don't want to do business with you.
00:30:37.560 --> 00:30:38.730 ltalbert: and be excited about it.
00:30:39.090 --> 00:30:43.230 Jonathan Colavita: i'm super excited we're going to take a little break and we're going to come back in.
00:30:43.710 --> 00:30:58.140 Jonathan Colavita: A couple of minutes so i'm here with lonnie tauber coo of selfless capital in albuquerque new Mexico and we will be right back this is planted pocket low low on Johnny tsunami take a little break talk radio dot nyc catch you in a few.
00:33:34.470 --> 00:33:38.520 Jonathan Colavita: And we're back baby, this is planet pocket lolo on Johnny tsunami i'm here.
00:33:38.670 --> 00:33:46.800 Jonathan Colavita: With lonnie talbert see oh oh of Southwest cal capital in albuquerque new Mexico lani what's up kid.
00:33:47.220 --> 00:33:53.400 ltalbert: Man I love that hawaiian backdrop music just keeps us all chillin right we're all coming back and.
00:33:53.910 --> 00:33:59.970 ltalbert: hey happy and glad to have been on this show so far Johnny really appreciate getting to tell our story and.
00:34:00.270 --> 00:34:10.170 ltalbert: Getting to talk a little bit about what you know you obviously love and many people around the country love and as a banker we love banking, which is cannabis love it appreciate it.
00:34:10.920 --> 00:34:17.850 Jonathan Colavita: And john Lennon said love man, all we need is love right and then that's where i'm taking the glasses off.
00:34:18.870 --> 00:34:19.500 ltalbert: Oh man.
00:34:19.800 --> 00:34:20.280 Jonathan Colavita: i'm just.
00:34:20.430 --> 00:34:26.790 ltalbert: i'm just I made an impact now I get to see your eyes all right we're in I got mine if I pull my off I won't see you.
00:34:28.050 --> 00:34:30.360 Jonathan Colavita: i'm coming in now so.
00:34:30.570 --> 00:34:31.530 ltalbert: we're leaning in.
00:34:31.920 --> 00:34:45.780 Jonathan Colavita: Leading in comedy and right now we want to talk about why you had a passion to get in to bringing banking and cannabis together start.
00:34:46.500 --> 00:34:56.400 ltalbert: So you know when I joined surplus capital bank seven and a half years ago, the owner of the bank still the owner Greg levinson incredible visionary.
00:34:57.210 --> 00:35:15.240 ltalbert: Third Generation owner of Southwest capital bank he he had a meeting with with a prominent individual in our Community, whose grandson had had trouble with epilepsy and was having numerous seizures in a month roughly 100 a month.
00:35:16.740 --> 00:35:23.580 ltalbert: He found out about cannabis oil his grandson started taking cannabis oil Johnny cut those seizures.
00:35:24.120 --> 00:35:33.000 ltalbert: by two thirds went from 100 a month down to about 30 now still one a day is a lot, but if you go from you know, three a day to one a day.
00:35:33.300 --> 00:35:42.270 ltalbert: you're making progress and and I haven't followed up since but i'm sure hopefully it's even gotten better right So hopefully you know again he's in a good place.
00:35:42.660 --> 00:35:50.130 ltalbert: But when Greg came back from that meeting he's like told me that story i'm like oh my God wow and so from a medical perspective, you know.
00:35:50.730 --> 00:35:56.280 ltalbert: If you if you believe in that and believe in helping people then you'd be like wow we got to help that industry.
00:35:56.790 --> 00:36:07.020 ltalbert: And he said let's find out what it's going to take because that industry is not being bank that industry is not allowed to have a bank account, we know that federally.
00:36:07.920 --> 00:36:20.460 ltalbert: But we got to figure out how we can help those businesses in new Mexico, and so I took it at that point as an opportunity and challenge to say how can we put this together so that more of those businesses.
00:36:20.970 --> 00:36:32.070 ltalbert: can go out and help people right again as we've talked about not judging MIT not making them a moral judgment about any just about any of the same if you're a banker.
00:36:32.580 --> 00:36:36.240 ltalbert: fiduciary fiduciary, what do you have to do and what do you want to do.
00:36:36.870 --> 00:36:50.130 ltalbert: You want to take care of your customers, you want to provide those services to their businesses because that's what bankers do from the early days, you know, making sure that customers were being taken care of regardless.
00:36:50.820 --> 00:36:58.200 ltalbert: And so, from that point, it became extremely exciting and it became also a passion to your point about saying.
00:36:58.650 --> 00:37:09.750 ltalbert: How can we help this industry grow, how can we make sure it's safe and secure and how can we make sure these businesses don't have to go in every day worrying about if their bank accounts, going to be closed.
00:37:10.950 --> 00:37:22.440 Jonathan Colavita: that's you know what that's that's a great line, you said right there i've been in the industry it's a huge fear you have work you have business, you have bills to pay, and you have moves to make.
00:37:23.190 --> 00:37:34.020 Jonathan Colavita: It go online and then go and plan to buy some piece of equipment, then all of a sudden your equipments not available because why your your bank account shut down.
00:37:34.260 --> 00:37:34.680 ltalbert: Right.
00:37:34.800 --> 00:37:37.440 Jonathan Colavita: You can't access, that is not a feeling that somebody wants.
00:37:37.590 --> 00:37:44.250 ltalbert: yeah well you can't you can't send you know say you're buying a piece of equipment you're buying some grow lights you're buying an extractor.
00:37:45.420 --> 00:37:51.870 ltalbert: Those places normally don't take cash you can't send them an envelope in the mail, first of all, probably will never make it.
00:37:52.110 --> 00:37:58.800 ltalbert: Second, of all that isn't how they do business they're like, no, no, no, I need to check I need a debit card, I need a ch I need a wire.
00:37:59.280 --> 00:38:04.320 ltalbert: And those are all the services we provide and that's what all businesses should be available to have.
00:38:04.890 --> 00:38:10.590 ltalbert: should be available to access, you know, this is about access and asset building as well.
00:38:11.130 --> 00:38:24.060 ltalbert: And as a banker that is core to what you do you help people gain access to the system, and you help them build assets over time and keep growing, and you know if you if you're not giving them those tools.
00:38:25.320 --> 00:38:32.520 ltalbert: Then they're not able to do their job and imagine on a Friday, you know it's payday you know your employees are excited.
00:38:33.450 --> 00:38:47.820 ltalbert: And you go to a checks and you're like oh wait my bank accounts been closed sorry guys like I gotta pay you in cash or employees or what to walk out of a out of their office with you, hundreds of dollars in their pocket, you know.
00:38:48.030 --> 00:38:51.270 ltalbert: Because when they go and make that deposit they're going to get questioned about it.
00:38:51.630 --> 00:39:06.090 Jonathan Colavita: yeah they're not getting that's exactly that's what you said in the last segment, which is how you're going to go get a car you're going to move up and you let's just say you work for you work for a company, they said they pay you out, you know you got 10 1520 grand in cash.
00:39:06.300 --> 00:39:06.630 Jonathan Colavita: you're going to.
00:39:06.900 --> 00:39:14.160 Jonathan Colavita: walk into a car dealership and pay 20 grand cash no well you kill it, but now all of a sudden red flags are popping up left and right.
00:39:14.340 --> 00:39:24.420 ltalbert: all over the place right, I mean you know we've all we've all seen the movies, of the days, where people would walk in and try to buy things with suit your little briefcases full of cash.
00:39:24.960 --> 00:39:28.860 ltalbert: And to your point the bells and whistles and you know all the red flags went off.
00:39:29.190 --> 00:39:44.550 ltalbert: And even you know today more than ever it's we want to be able to the system wants to be able to help track and follow the money right, not because we think everyone's nefarious, but we want to make sure that those who are don't get to keep doing it i'm.
00:39:45.150 --> 00:39:50.370 Jonathan Colavita: Just side note right this name down Dr Jennifer Anderson.
00:39:50.910 --> 00:39:57.300 Jonathan Colavita: Okay, is a doctor out in Canada her child.
00:39:58.830 --> 00:40:20.760 Jonathan Colavita: suffered from grand mal seizures she was crossing the Canadian border to get to Oregon to pick up an oil called charlotte's web, in which she administered to her own child after old other doctors turned her down and that child immediately had to change, I want you to.
00:40:20.910 --> 00:40:22.290 write that name down because.
00:40:23.640 --> 00:40:33.570 Jonathan Colavita: It can be someone that can talk to Mr Southwest capital and maybe take that child from suffering from one a day zero.
00:40:33.750 --> 00:40:52.140 ltalbert: To zero yeah I mean the medical properties continue, you know to be highlighted around those who who use cannabis in the medical piece, and then you know don't use whatever you're doing that's fine right, I mean we all.
00:40:52.830 --> 00:40:56.100 ltalbert: Take care of ourselves, in whatever way, we need to right and that's okay.
00:40:57.270 --> 00:41:03.360 ltalbert: But on the medical side, specifically, you know even you know CBD oil for pets, you know.
00:41:03.990 --> 00:41:09.750 ltalbert: You know, I have a cat right now we found out, you know it's got some bad teeth until I can get him into his teeth both.
00:41:10.440 --> 00:41:22.260 ltalbert: giving him some CBD oil it's helping him, you know he's he's he's not having pain, you know, do we want anyone to feel too much pain over too long, of a time it's it's not healthy for any of us man.
00:41:22.770 --> 00:41:31.830 Jonathan Colavita: Or if there you're like one of the groups that i'm working with the New Jersey, they want to use cannabis as a means to deal with pain management.
00:41:31.950 --> 00:41:35.790 Jonathan Colavita: Right, that of having all these people being addicted to.
00:41:36.270 --> 00:41:38.280 ltalbert: painkillers and painkillers.
00:41:38.820 --> 00:41:52.860 Jonathan Colavita: Now they have for people that are suffering from that kind of addiction right now go to a clinic and have that clinic offer them in a moat you know typically they couldn't go to a clinic and the clinic would say all right well use cannabis as a means to help you deal.
00:41:53.040 --> 00:42:04.350 Jonathan Colavita: Right coming off of all of these really strong drugs, no one was allowing that to happen, right, and now you you've neglected that Community and that's what you do as a banker.
00:42:04.620 --> 00:42:07.260 Jonathan Colavita: You don't want to let people be neglected you.
00:42:07.260 --> 00:42:09.360 Jonathan Colavita: want to give them the finances that they can have right.
00:42:09.390 --> 00:42:19.590 ltalbert: yeah I mean I everybody needs to go and take care of themselves and make sure they're talking to the right professionals that can help them with that and whatever works for them.
00:42:20.130 --> 00:42:28.320 ltalbert: But I want to make sure on the business side for those places that they go to those medical cannabis dispensary ultimately adopt us.
00:42:28.650 --> 00:42:42.390 ltalbert: That those businesses are not having to worry about financial services, so they can take care of their customers take care of their patients and make sure that they're ministering and doing what they do best and letting us do what we do best.
00:42:43.410 --> 00:42:46.410 Jonathan Colavita: And then, and that and that's that's a huge thing because.
00:42:46.530 --> 00:42:49.920 Jonathan Colavita: you're able to trust somebody to handle.
00:42:49.980 --> 00:42:50.790 ltalbert: Your finance.
00:42:51.270 --> 00:42:59.910 Jonathan Colavita: You can be very much immersed in your finances, but then, all of a sudden you're spending more time worrying about your finances than you are a business.
00:43:00.090 --> 00:43:06.630 ltalbert: Well, I mean you know we talked about a journey right we we everyone has stress in their life right Okay, we all have it, it happens every day.
00:43:07.140 --> 00:43:18.060 ltalbert: But if we can help minimize certain areas of your business where you're stressing out Okay, then we can help you focus in those areas where it really needs your attention.
00:43:18.540 --> 00:43:29.790 ltalbert: And if you have to walk in as we talked about every day worrying about hey is my debit card going to work, I mean from a personal standpoint, you know if your kids say hey dad can we go get some groceries can we go get some dinner.
00:43:30.300 --> 00:43:39.690 ltalbert: And you have to worry about is my card going to work, you know know that that's a lot of stress not something we want considering we have stress and so many other places and areas already.
00:43:40.230 --> 00:43:58.500 Jonathan Colavita: And to break the capital further we had spoken before and I said hey are you a family man, he said man, I say I got 20 year olds I said holy crap this guy I with what he had babies you're looking so good and and I said oh my God, and on top of this, here we go and you know becky.
00:43:59.280 --> 00:44:00.750 ltalbert: Yes, I do know becky.
00:44:00.960 --> 00:44:11.730 Jonathan Colavita: And becky said the same thing, but I always say this before the show I say hey you know, are you open about cannabis you use cannabis and you said to me, yes, and I am open about it, you know.
00:44:12.600 --> 00:44:21.480 Jonathan Colavita: If i'm going to go in the bank and i'm going to look a banker, in the face and i'm going to say hey man I got money from this business and i'm doing very well.
00:44:23.160 --> 00:44:31.950 Jonathan Colavita: I think part of me almost has almost corny prejudice but if you're a lot of the people that are in the cannabis industry are cannabis users.
00:44:32.280 --> 00:44:32.670 ltalbert: Right her.
00:44:32.790 --> 00:44:36.840 Jonathan Colavita: Most feel more comfortable, because there is this trust.
00:44:37.500 --> 00:44:37.890 Right.
00:44:38.970 --> 00:44:48.990 ltalbert: Right yeah, you know as you and I talked about it's a personal choice for anyone right and, at the end of the day, whatever helps any of us take care of ourselves.
00:44:49.530 --> 00:44:57.720 ltalbert: And, and we want to build that trust factor right, we want to make sure that you know people can understand if that's the connection point.
00:44:58.140 --> 00:45:07.290 ltalbert: Then, then that's great right because you know as you and I talked about with our children, you know we we build trust with our children we share our experiences with our children.
00:45:07.500 --> 00:45:16.770 ltalbert: Trying to help them grow and develop so that, in my mind or adult children now is what my wife Robin and I call them, you know they're still you're still our children but they're adults.
00:45:17.280 --> 00:45:26.070 ltalbert: And I always want to share my experiences to help them sort of along their journey not preach to them, but help them along their journey and that's that's incredibly important.
00:45:26.820 --> 00:45:27.510 Jonathan Colavita: Openness.
00:45:27.570 --> 00:45:28.260 ltalbert: And I love that.
00:45:28.740 --> 00:45:38.820 Jonathan Colavita: Totally lonnie i'm taking it and brother all right i'll see we're going to take a little break i'm here with lonnie talbert South with capital CEO he is crushing and having a great time in.
00:45:39.870 --> 00:45:51.840 Jonathan Colavita: albuquerque new Mexico, so now we'll be almost done with the show we're gonna take a little break this planet pocket low low on Johnson i'm your host take it will be back in a couple of minutes talk radio dot nyc.
00:46:22.350 --> 00:46:25.740 uninformed about menopause and how it impacts on your life.
00:47:53.550 --> 00:48:04.920 Jonathan Colavita: Alright, everybody we're back it's Johnny tsunami, this is planet pocket low low low a less taboo view and i'm here with Johnny lauber he is tanya Albert wow dude.
00:48:05.070 --> 00:48:05.520 hey.
00:48:07.410 --> 00:48:10.830 Jonathan Colavita: This is why I use cannabis to deal with my dyslexia.
00:48:13.020 --> 00:48:18.120 Jonathan Colavita: jaubert of selfless capital CEO and crushing it.
00:48:18.270 --> 00:48:19.200 ltalbert: Man I love it.
00:48:19.530 --> 00:48:22.980 Jonathan Colavita: I love you I bet you do your mess up right now, this guy.
00:48:24.150 --> 00:48:34.200 Jonathan Colavita: This guy he's got some out I love I tell you what if you can have fun and be able to do your everyday life.
00:48:34.410 --> 00:48:36.660 Jonathan Colavita: Right you ain't making it you.
00:48:36.660 --> 00:48:37.020 know.
00:48:38.550 --> 00:48:43.290 ltalbert: and trust me man i've been called must much worse than Tawny lobert okay.
00:48:44.670 --> 00:48:47.790 ltalbert: You know it's a PG show, so I won't get into that but you know.
00:48:48.120 --> 00:48:54.120 ltalbert: If that's if that's the worst that happens to me today Tony elaborate i'll take it baby, because you at least got part of it right, no matter what.
00:48:54.870 --> 00:48:57.240 Jonathan Colavita: Oh, my God dude the lighting is.
00:48:58.350 --> 00:48:58.800 ltalbert: Good.
00:48:59.310 --> 00:49:01.740 Jonathan Colavita: precedent bro I love it dude you're doing great.
00:49:01.980 --> 00:49:02.790 ltalbert: And thank you.
00:49:03.150 --> 00:49:10.290 Jonathan Colavita: We covered a lot of stuff lonnie has been able to go from having one client seven years at Southwest.
00:49:10.560 --> 00:49:22.500 Jonathan Colavita: In the cannabis sector get up to over 100 now and it's really content now it's like this isn't a medical realm oh my God I can't even wait till the recreational boom starts to take off.
00:49:22.710 --> 00:49:23.160 Jonathan Colavita: I know you're.
00:49:23.220 --> 00:49:28.380 Jonathan Colavita: Already there, but I mean it's it has the wheels haven't even hit the track yet.
00:49:28.680 --> 00:49:39.330 ltalbert: No, no we've got you know again next April for sale start maybe sooner, you know so we've got like we talked about 900 applicants already.
00:49:39.540 --> 00:49:40.560 ltalbert: In the system.
00:49:40.620 --> 00:49:45.660 ltalbert: For regulation and licensing to determine who they're going to pick you know and who's going to be qualified.
00:49:46.140 --> 00:49:57.210 ltalbert: But one thing they want us to worry about is they know they got a bank and Southwest capital bank who's going to be there and be their business partner and helping them through this journey so it's exciting good times exciting times.
00:49:58.170 --> 00:50:05.010 ltalbert: And you know we're just we're glad to be a part of it i'm honored to be a part of it and it's been awesome being on your show this is so cool man.
00:50:05.370 --> 00:50:07.740 Jonathan Colavita: I appreciate you saying that i'm, even though I.
00:50:07.800 --> 00:50:10.950 Jonathan Colavita: grew fed up with that laptop yeah well listen we're.
00:50:11.610 --> 00:50:25.680 Jonathan Colavita: And i'm i'm i'm somebody who's very passionate about space itself but I realized that there was there was more to just being somebody who can help other businesses grow, because I do consulting for cannabis business I have cameras background.
00:50:26.670 --> 00:50:45.990 Jonathan Colavita: Agriculture agricultural land, but there's so much more than just the agriculture right there's all these other ancillary businesses regulators bankers insurance legislation so so the lawyers, all of the other elements that are involved in agriculture, as you said.
00:50:46.020 --> 00:50:48.210 ltalbert: Right those concerns and.
00:50:48.240 --> 00:50:55.350 Jonathan Colavita: that's what's really, really amazing about how the industry is burgeoning growing so when you think.
00:50:56.400 --> 00:51:06.390 Jonathan Colavita: Right now, your total amount of you know um revenues it's occurring within the state have they put any projections out there, as far as what's going to happen, you know.
00:51:07.170 --> 00:51:16.050 ltalbert: yeah they have that's a great question, so I think we talked a little bit about you know the medical side, being a you know 200 million plus.
00:51:16.560 --> 00:51:27.450 ltalbert: So far in 2020 and probably bigger and 21 they're saying that by fiscal year 23 that the don't use should be 350 million plus and just adult use.
00:51:27.990 --> 00:51:36.510 ltalbert: Now the other thing they're talking about Johnny is possibly day one selling out, you know day one, which is, which is hard to hear because okay so.
00:51:36.990 --> 00:51:45.030 ltalbert: You have a banner day one Bam and then, how are you filling in the gaps overall right so it's it's exciting is.
00:51:45.450 --> 00:52:04.440 ltalbert: it's hectic to think what's going to happen, but ultimately, I think, new Mexico land somewhere between a a 500 million and a 600 million target area, if you will, and total revenues total sales for the state, the thing we talked about you know we got this big gigantic state.
00:52:05.700 --> 00:52:17.760 ltalbert: To the south of US Okay, the southwest of us that that nothing's legal there at this time and we border that so you know there's lots of opportunity for people to come visit new Mexico that's for sure.
00:52:18.540 --> 00:52:21.000 Jonathan Colavita: and new Mexico the population.
00:52:22.500 --> 00:52:30.150 Jonathan Colavita: was just popping over 2 million so did you get an influx from this black swan event that occurred.
00:52:30.630 --> 00:52:43.800 ltalbert: No, no, no, not a lot, I mean our our overall you know census has been you know almost flat overall for 10 years right some places growing some places, not so much, but.
00:52:44.280 --> 00:52:59.010 ltalbert: You know this may be an opportunity where you know we will see some some Canada, tourism and even some people sort of migrating here, if you will, in terms of opportunistic for me a job to job opportunity economic development.
00:52:59.760 --> 00:53:01.650 Jonathan Colavita: I was totally I mean i've.
00:53:03.540 --> 00:53:13.650 Jonathan Colavita: written out there on my motorcycle and I would definitely you know go out there for the tourism aspect, because if they were able to do that, I mean you know.
00:53:13.980 --> 00:53:22.020 Jonathan Colavita: Listen, when I when I flew into cali, so I do a motorcycle rally every two years out in Mexico it's called El Diablo run okay.
00:53:22.650 --> 00:53:34.710 Jonathan Colavita: Every two years it's run by an ex marine we fly into Vegas we trailer bikes from east coast, all the way into Vegas we've run from Vegas all the way down to southern California, then we go down to.
00:53:35.850 --> 00:53:47.250 Jonathan Colavita: The Baja California, and then we ride back up into Nevada we go back into Vegas let me get out of that riding out there, but when I do is that when I land in California.
00:53:48.420 --> 00:53:56.040 Jonathan Colavita: Maybe I shouldn't be saying this on the air, right now, but when I get when I get into California it's a recreational state I pick up my flower.
00:53:57.180 --> 00:53:59.160 Jonathan Colavita: I started in the handlebars of my bike.
00:54:00.570 --> 00:54:02.160 Jonathan Colavita: And then I right across the next keyboard.
00:54:03.210 --> 00:54:07.470 Jonathan Colavita: nobody's checking me because they don't care when you're going into Mexico and I don't want the wheat in Mexico.
00:54:07.860 --> 00:54:17.160 Jonathan Colavita: Do you know that for the first time ever, Mexico is having problems where they're getting we'd from California well because the Mexicans, and like wow.
00:54:17.790 --> 00:54:27.600 Jonathan Colavita: It has pretty amazing weed and for the last for a long time the whole cartel was sending it to America, because they were sending you know brick weed, and all this, you know sheet level crap that you can grow.
00:54:28.110 --> 00:54:35.880 Jonathan Colavita: And now the consumers become so educated that it's now it's now making its way outside of the continental us.
00:54:36.150 --> 00:54:45.960 Jonathan Colavita: Right insane when you look at it, so to see that you guys are evolving into a realm where it could bring gave you some tourism in that's probably got to be beneficial for the state as well.
00:54:46.380 --> 00:54:55.260 ltalbert: yeah totally I mean one of one of our largest you know we are heavy in oil and gas so 40% of our state's revenues come from oil and gas.
00:54:55.830 --> 00:55:00.180 ltalbert: We are heavy in green chilling Okay, a lot of people hear the word chili.
00:55:00.360 --> 00:55:11.670 ltalbert: They think you know they don't think green chili in the green chili plant which is phenomenal you know you ever come here red or green or Christmas, do you got to pick one or all I always pick Christmas, I like running green.
00:55:12.000 --> 00:55:21.690 ltalbert: pecans were huge in pecans now we're also going to be huge and not only medical marijuana but recreational marijuana and cannabis and so from that perspective.
00:55:22.020 --> 00:55:26.460 ltalbert: It gives you a diversified income stream, if you will, but the first five revenue stream.
00:55:26.820 --> 00:55:37.830 ltalbert: And just provides opportunities, and you know that's what I think people are looking for is you know they want to be able to find a career possibly they want to be able to find a business that they can be successful in.
00:55:38.160 --> 00:55:50.160 ltalbert: And chase that American dream right, I know it sounds sort of pollyanna ish but you know America is a great country we'd love this country provide everyone the opportunity to be successful, you know, in whatever field that is if they want to go.
00:55:51.480 --> 00:55:59.430 Jonathan Colavita: And if somebody who's out in new Mexico, because now, obviously, like say you got 900 napkins they should reach out Southwest capital.
00:55:59.730 --> 00:56:09.900 ltalbert: Totally yeah we are the we are the Bank of choice, you know our our CEO said, you know, our goal is to be the Bank of choice we feel like we're the Bank of choice in cannabis, we want to continue to grow that space.
00:56:10.170 --> 00:56:19.530 ltalbert: But we want to be the Bank of choice for our customers across all businesses that they run talk to us, you get to talk to a banker and get up a good personal relationship which is.
00:56:19.860 --> 00:56:28.530 ltalbert: What we've lost so much, I mean I commend you Johnny and and being willing to get on the air and connect with people that's what people want and you know.
00:56:28.770 --> 00:56:36.990 ltalbert: Through this whole pandemic, we lost touch with that connection point we had to separate right, we had to we had to provide distance and all.
00:56:37.260 --> 00:56:48.780 ltalbert: And it's hard you know it's hard to do that, especially for a guy like me, as you can tell it's such an introvert right no extrovert want to connect with people well guess what we're getting to do that again.
00:56:49.170 --> 00:56:54.870 ltalbert: safely, obviously, but that's I think what you want, out of a banker someone who will be there for you yeah.
00:56:54.930 --> 00:57:01.170 Jonathan Colavita: I totally agree and I think the biggest message that I took from you today is that you're somebody was a proponent.
00:57:01.560 --> 00:57:10.920 Jonathan Colavita: And if you're a proponent, then you own it and if I walk into the circle of trust with you and i'm going to do business with you, I am going to feel better about how i'm stepping into that business because I.
00:57:10.920 --> 00:57:11.130 ltalbert: Have a.
00:57:11.580 --> 00:57:16.770 Jonathan Colavita: Standing next to me on my side, it says, do you listen dude don't hide anything from me don't.
00:57:17.370 --> 00:57:27.210 Jonathan Colavita: don't don't sugarcoat this year, you really want to make you want to make a future for yourself, for your family you believe in what you're doing if you believe in what you're doing then be open with me.
00:57:27.240 --> 00:57:31.830 Jonathan Colavita: Right that's a message that resonates with all of us, for the rest of time.
00:57:32.100 --> 00:57:41.670 ltalbert: Transparency man right, I mean if you if you can't be open in this space where you know your banker is the one that saying hey i'm here to help you.
00:57:42.720 --> 00:57:48.840 ltalbert: You got you got to get over that real quickly, because if I if I don't know what you're doing and you're not open and honest with me about it.
00:57:49.320 --> 00:57:59.100 ltalbert: I can't protect you and help you when the when the guy comes knocking on our door, and says hey I want to understand this and if I can't answer those questions I can help you well.
00:57:59.160 --> 00:58:08.370 Jonathan Colavita: i'll tell you right now, if you want to go to the website it's Southwest capital.com and, if you want to email lani it's lonnie or I should say it's l.
00:58:08.730 --> 00:58:24.810 Jonathan Colavita: talbert ta lb er T at Southwest capital COM 505-764-3878 and he also has a linkedin account as well, and you could reach out to him, and also the lovely female colon.
00:58:25.020 --> 00:58:27.630 ltalbert: colon colon will set you up.
00:58:27.870 --> 00:58:33.750 Jonathan Colavita: And I want to be set up with colon maybe get her out there and we get 20 people throw her on planet pocket low low.
00:58:33.900 --> 00:58:43.500 Jonathan Colavita: Oh well, lonnie it has been an absolute awesome time with you, I really appreciate everything that you're doing for the industry and what you're doing for us as cannabis advocates.
00:58:43.710 --> 00:58:59.850 Jonathan Colavita: And thank you so much we're gonna be taking it from here, I love this episode Community cannabis banking on planet pocket lolo i'm your host Johnny tsunami, this is talk radio dot nyc and that's it for today folks have a great Thursday.
00:59:00.990 --> 00:59:01.710 ltalbert: Thanks Johnny.
00:59:02.280 --> 00:59:02.940 Jonathan Colavita: Thanks bonnie.