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.

中文翻译：

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半银行：现金管理对大麻行业的经济影响


我们研究现金管理的经济价值。在合法大麻行业，只有一半的企业能够获得金融机构的现金管理服务，我们使用管理和调查数据来检查药房的盈利能力。我们的结果显示，采用现金管理的企业零售价较高（8.3%），批发价较低（7.3%），但销量较高（19%）。这些优势共同创造了 40% 的盈利能力增长。这些结果支持我们的模型，即无论国家银行、信用合作社还是金融科技是否提供现金管理功能，声誉资本和管理成本都会推动盈利能力。