Can a bank provide cannabis banking services?

Each financial institution ultimately decides whether to provide banking services to a cannabis-related business, including hemp, marijuana or other cannabis derivatives. With federal and state red tape, your best bet to cannabis banking is to start with local community banks and credit unions, which have fewer federal regulations.

Is cannabis banking legal?

The Rise of Cannabis Banking Despite being legalized in most U.S. states and DC, marijuana (or cannabis, weed, pot, you name it) remains federally illegal. This has prompted banks to shy away from working with state-licensed cannabis-related businesses (“CRBs”). But a few credit unions and smaller banks began offering services.

Can a bank open a marijuana business account?

Since federal law still categorizes marijuana as a Schedule 1 drug — which makes marijuana businesses illegal — national banks fear they’ll violate federal law doing business with the cannabis industry. This subsequently makes it difficult for cannabis companies to find banks that will allow them to open up a business bank account.