Finding banking has historically been a challenge for the legal cannabis industry and, despite major progress, many cannabis entrepreneurs, financial institution (FI) professionals, and other industry stakeholders remain in the dark. What’s true in the cannabis industry, and what’s simply rumor or urban legend?
Cannabis banking firm Fincann has created several resources on its website to help clear the air and be a source of education to the cannabis industry, banking professionals, journalists, and other stakeholders. These features include:
Cannabis industry news feed
This real-time cannabis industry news feed, sorted by subject, will help you keep tabs on the ever-changing world of cannabis banking in one simple, centralized location. Regulations are often shifting and, as the federal government begins to take up the issue of cannabis policy reform, more evolution is inevitable – staying on top of the news is critical to knowing what industry changes impact your business.
Real-time state by state regulation map
The cannabis industry is currently subject to the fragmented regulatory landscape that is the result of a state-by-state approach to legalization. As such, this state-by-state regulatory and enforcement guide is useful to understand each market and what is permitted in each. Developed in partnership with The Data Initiative, this regulation map allows you to compare laws in up to three states, check for enforcement actions, build custom reports, access our comprehensive library of original source documents, and more.
Regulatory guidance resources
Despite the myths that federal prohibition prevents banking, the Financial Crimes Enforcement Network (FinCEN) and other federal agencies have repeatedly reaffirmed these regulations as sufficient for banking state-legal cannabis businesses in a compliant manner. The Fincann website has published these regulations on its Regulatory Guidance page, including exclusive private guidance provided by FinCEN at Fincann’s request. Familiarizing yourself with this guidance can help you maintain compliant practices, as well as demonstrating to FIs what precisely the law says about cannabis banking.
Cannabis-friendly bank counter
Finally, the number of cannabis-friendly banks in the U.S. banking system is growing. Today, there are roughly 200 banks working with at least one sector of the industry, contrary to the 700+ figure often reported. You can track this number using the cannabis bank counter and sign up for email updates as the counter grows.
Cannabis banking isn’t as elusive as many make it out to be – you just need to know where to look. Visit the Fincann website to access all the free industry resources listed here and learn more about how Fincann works.