In this issue of Warner’s Legal News for the Cannabis Industry, attorney Rodney Martin provides an update on banking cannabis-based businesses. To date, approximately 700 banks and credit unions nationwide offer services to businesses operating in the cannabis space. In 2021, we did see a glimmer of hope as Congress passed a statute permitting financial institutions to provide services to cannabis businesses. However, proponents of the law wanted comprehensive reform to regulate the marijuana industry, creating a pause in forward momentum. As long as cannabis remains illegal under federal law, cannabis businesses will find it difficult to house deposits and get funding through a traditional bank or credit union – not impossible, however. View the video to learn more about what it takes for a cannabis-based business to establish and maintain a successful financial relationship with a bank or credit union.
The Status of Marijuana Banking
Look for additional Warner podcast recordings from Warner’s Cannabis Industry Group.