Banking and Cannabis Related Businesses
Thirty-three states have legalized the medical use of marijuana, including 11 states and the District of Columbia that have also legalized adult recreational use. But any and all uses of marijuana remain criminal under federal law. What about hemp and CBD? Are they now legal and safe to bank with the passing of the Farm Bill? Financial Institutions have been hesitant to provide traditional banking services to these businesses, forcing a cash-only climate with much of the cash moving underground and putting communities at risk. Learn the risks of banking MRBs and learn tips on how to succeed if your financial institution decides to take on these businesses.