Can weed stores use banks?

Most cannabis retailers cannot open checking accounts The Canadian Cannabis Retailers Association (ACCRES) states that 50 of its 52 members in B, C. have been denied access to traditional banks and have instead turned to local credit unions.

Can weed stores use banks?

Most cannabis retailers cannot open checking accounts The Canadian Cannabis Retailers Association (ACCRES) states that 50 of its 52 members in B, C. have been denied access to traditional banks and have instead turned to local credit unions. You can deposit money in the bank. It just looks a little different than other industries.

The better question is where dispensaries don't keep their money. No major bank or credit union in the country provides services to the cannabis industry. Instead, smaller community banks and credit unions have intensified. Some marijuana companies have been fortunate enough to find banks, usually smaller credit unions, that will work with them.

However, dispensaries often pay significant fees that don't apply to other types of businesses. Banks say the fees offset the risk and the extra work they take on when working with marijuana companies, such as filling out suspicious activity reports. At the federal level, marijuana is still illegal and many banks are incredibly cautious about violating federal anti-money laundering laws when dealing with the profits of illegal marijuana companies at the federal level. As a result, none of the major banks in the United States are accepting cannabis dispensaries or marijuana-related businesses as customers.

Cooper Lavoie
Cooper Lavoie

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