Banking services are one of the cornerstones of starting any successful business, but the cannabis industry has been unfairly shut out for quite some time. While the industry continues to grow as more states create adult-use or medical programs, cannabis-based business owners and entrepreneurs continue to struggle with access to basic services like business checking accounts, forcing cash-only operations for many. There are numerous cannabis banking myths about why financial institutions are so hesitant to work with this industry. One of the most common is the assertion that approximately 700 banks are willing to buck the trend. And while there certainly are banks willing to work with the cannabis industry, the real number is nowhere quite as high. Why won’t banks work with the cannabis industry? One of the biggest fallacies regarding the cannabis industry and access to banking solutions is the idea that financial institutions don’t want to run afoul of the federal government’s drug laws.

Sean Hocking, Cannabis Law Report, 05/18/2021 23:49:00

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