The Legal Dose: U.S. Cannabis – Companies With Access to Banking
Many plant touching and ancillary businesses in the cannabis industry now utilize banking services from traditional banks. It is unclear how many plant touching and/or ancillary businesses self-report their involvement in the cannabis industry when opening accounts, but those banking establishments willing to provide financial services to cannabis operations charge enhanced premiums for the privilege. While the vast majority of ancillary businesses (62%) and 42% of plant touching businesses report monthly banking costs more in line with traditional banking services ($100 or less), the most recent data shows that approximately 40% of plant touching operations are spending over $500 a month for banking services (with 10% reporting monthly costs of $2,000 or more).
For any questions on this topic or Cannabis Law, please contact Andrew Robinson at or 301.575.0321
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