Half Banked: The Economic Impact of Cash Management in the Marijuana Industry
研究合法大麻行业中现金管理对企业盈利能力的影响，发现获得现金管理服务的商家零售价更高（8.3%）、批发价更低（7.3%）、销量更高（19%），整体利润提升40%。
ABSTRACT We investigate the economic value of cash management. In the legal marijuana industry, where only half of businesses have access to cash management services from a financial institution, we examine dispensary profitability using administrative and survey data. Our results show that businesses with cash management charge higher retail prices (8.3%), pay lower wholesale prices (7.3%), and have higher sales volume (19%). Together, these advantages create a 40% increase in profitability. These results support our model in which reputational capital and administrative costs drive profitability regardless of whether national banks, credit unions, or fintech provide the cash management functions.