How to Open a Bank Account for Your Cannabis Business
According to recent data from the Associated Press, there are now more than 300 U.S. banks and credit unions that can handle transactions for cannabis businesses. With more than 25 states having legalized the sale of marijuana in some form, more and more cannabis companies are using banks throughout their daily business.
However, given restrictions that come along with opening bank accounts in the marijuana industry, many cannabis business owners simply don’t understand the requirements for doing business with a bank. To help you get started, this guide will provide the basics on how to open a bank account for your cannabis business.
The Application Process
Since doing business in cannabis comes with many restrictions, many banks require extensive documentation prior to processing an application for a business bank account. If you sell, process, or cultivate marijuana, you should be aware that your bank will likely require the following in addition...
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