Is there any way for a cannabis business to set up a bank account?
Lance Ott replied:
Regional banks and credit unions recognize the value and potential of working with the cannabis industry. You must be a legal, licensed business with all relevant documentation. There are over 300 financial institutions supporting the industry today. We can work with you to establish a transaparent banking relationship. Thank you.
Has the number of regional banks and credit unions providing its services to the industry grown since the passing of Prop 64?
Also, I'd like to know whether there is further guidance on how financial institutes can provide services to the industry.
Thank you
Also, I'd like to know whether there is further guidance on how financial institutes can provide services to the industry.
Thank you
Lance Ott replied:
Yes, the number of regional banks and credit unions has grown in nearly every state with medical or adult use regulations in place. The FinCEN Guidance (Financial Crimes Enforcement Network) was released in order to provide guidelines on how financial institutions can support the cannabis industry. I would recommend reading the guidance. Thank you for your question!