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If you own a cannabis business, a major consideration is where to keep your money. Though many business owners may find banking to be a headache regardless of industry, few business owners have more hurdles to deal with than cannabis growers and dispensaries. The current state of cannabis banking can have a significant impact on where cannabis business owners keep their money and whether they obtain cannabis loans.
With the curious legal status of cannabis at the federal and state level, cannabis banking can be complex. This is where a trusted cannabis lawyer at Harris Sliwoski can help.
Current State of Cannabis Banking
Currently, many states have legalized cannabis for medical use and some have legalized it for recreational use, but cannabis remains illegal at the federal level. Since the legality of cannabis varies at the state and federal levels, this has led to a lot of uncertainty in cannabis banking. While the industry is thriving because cannabis can be sold legally in various states, some financial institutions — including big banks — are hesitant to approve cannabis-related business accounts due to the federally illegal status of cannabis.
Financial institutions are concerned about facing repercussions
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