US Cannabis Banks
After extensive research, we could not find publicly available information about banks in the United States that serve companies, specifically by funding them. We, however, found that the following firms have served companies in the cannabis industry in the US by offering accounts to marijuana businesses.
- Severn Bank in Maryland.
- North Bay Credit Union.
- Alaska Credit Union.
- Numerica Credit Union.
- Salal Credit Union in Seattle.
Other Useful Findings
- A report by a Chicago-based firm, MRB Monitor, and banking and financial services' website, American Banker, hinted that Bank of America, Citigroup, JP Morgan, and Wells Fargo have provided account services for businesses in the marijuana industry.
- As of March 2018, "411 banks and credit unions in the US were "actively" operating accounts for marijuana businesses," according to a report from the Treasury Department's Financial Crimes Enforcement Network (FinCEN).
To determine if any new banks in the US that are focused on serving cannabis companies, specifically by providing funding to these companies, we commenced with an exhaustive search on media outlets and expert analysis reports from credible financial sources such as Inc, Forbes, America Bankers Association, among others. However, we could not identify any banks that have provided funding to companies in the cannabis industry.
We switched our research to explore cannabis-related media pages and articles from credible magazines and blogs such as the International Cannabis Conference, Medical Marijuana Inc., among others. We only found information on banks that serve companies in the cannabis industry in terms of account opening, and no specific information on funding.
Our next approach was to expand the scope of our research to include other financial institutions other than banks. We found some credit unions that also serves companies in the cannabis industry. However, the available information on the services provided was only for account opening with no mention of funding.
Finally, from the identified banks and credit unions that we found in the course of our research, we proceeded to search for the annual reports of each of the institutions hoping to find any insight into funding or loans that they have offered to their clients. However, there was no way to isolate these funding to determine which was specifically offered to the companies in the cannabis industry.
The likely reason for the unavailability of the requested information is because banks are skeptical in dealing with companies in the cannabis industry because "banks that accept marijuana industry money run the risk of running afoul of US money laundering and other laws." This information was also echoed by a publication on the website of the American Bankers Association. Therefore, they have decided not to go public with their dealings with companies in the cannabis industry.