The number of banks and credit unions that report working with marijuana businesses remained stable over the last quarter, according to recently published federal data. For the last three quarters of 2020, those numbers had been consistently declining—due partly to revised reporting requirements from the Financial Crimes Enforcement Network (FinCEN) and also because of the coronavirus pandemic. But things seem to have stabilized over the most recent two quarters. As of March 31, there were 684 banks and credit unions that filed reports saying they were working with cannabis clients. That’s the exact same number from the previous quarter, though it’s still down from a peak of 747 in late 2019. A major reason for the prior decline last year is because FinCEN, which is part of the Treasury Department, stopped including hemp-only businesses in their quarterly reports since the crop was federally legalized under the 2018 Farm Bill—which accounts for at least part of the dip as compared to prior figures that counted hemp-focused accounts.
Kyle Jaeger, Marijuana Moment, 07/19/2021 09:07:54