105 Banks Working With Cannabis Industry

Banking guidelines handed down by the Obama administration earlier this year are “having the intended effect” of encouraging more financial institutions to do business with the cannabis industry, according to a key government official.

Jennifer Shasky Calvery, head of the U.S. Treasury Department’s Financial Crimes Enforcement Network, told The Washington Post that there are now 105 banks and credit unions working with state-legal marijuana companies.

It marks the first time an official has put a concrete number around cannabis banking activity.

Banks have traditionally shunned the industry because of risks tied to the fact that marijuana is illegal federally.

The federal government attempted to ease the situation in February by releasing guidance on how banks can work with cannabis businesses. That guidance “is facilitating access to financial services, while ensuring that this activity is transparent and the funds are going into regulated financial institutions,” Calvery said.

Calvery said the banks and credit unions working with marijuana retailers are scattered through more than a third of the country, but she declined to name the financial institutions.

16 comments on “105 Banks Working With Cannabis Industry
  1. Joe on

    Are there are any banks or credit unions in Michigan supporting the cannabis industry? It would be nice to know who they are. I live in a small town, and would be afraid to walk in my “local branch” to inquire…

    Reply
  2. Paula Givens on

    I an an attorney who, at this very second as I write, am sitting with an OR banker that is meeting with prospective dispensary clients. I wrote MBank’s cannabis risk management program. It is working in Oregon and will work in Michigan. I will get you a bank.

    Reply
  3. Sally Vander Veer on

    Can you please publish the list? We struggle with banking (or lack thereof) every day. I attended a Cannabis Economy Summit in Denver this week where all participants agreed that banking is the number one issue/obstacle for the marijuana industry.

    Reply
  4. vince on

    Where can we gather a list of banks that ate acceptable? It would be beneficial for Jennifer Calvery to let the ppl know which banks we are allowed to work with. Not sure why it’s being a big secret to everyone… if anyone know which banks in AZ accept merchant services for this industry plz email me. [email protected] Thanks!

    Reply
  5. Bill on

    You can get ready for a REIT FOR MMJ, that will be a big boost who ever gets there cards in the game firs a MMJ REIT talk about a smoking IPO!!!!!!!!!!!!

    Reply
  6. Joanie on

    If this is the truth from the Federal government then why are California banks continuing to refuse to allow legal cannabis business accounts? I know someone who has had a permitted storefront dispensary and has now been kicked out of their third bank due to his cash deposits. Law enforcement continues to raid legitimate gardens, raid and sieze property from people who are complying with all the laws. Forgot to mention a courthouse backlog of medical cannabis cases that continue to go on for years. Will this complete waste of our tax dollars ever end?
    xo

    Reply

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