CANNABIS BANKING GUIDE | OHIO
Building a Cannabis Banking Program in Ohio
The legal cannabis market in Ohio is poised for rapid growth. According to New Frontier Data, annual legal sales in the state are expected to surge from $536 million in 2024 to $3.2 billion by 2030. This increase is driven primarily by the introduction of adult-use cannabis sales, which began in August 2024.
What every banker in Ohio should know about cannabis banking.
Cannabis banking brings significant growth potential, along with challenging operational demands and complex regulations. Get started by defining your path forward.
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Build a business case for cannabis banking.
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Understand the risks.
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Develop strategies to mitigate risk.
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Implement systems to promote compliance and client service.
NEED TO KNOW
Projected Market Growth in Ohio
Source: New Frontier Data
3 Questions with Minnesota Cannabis Regulator, Max Zappia
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ASK THE EXPERT
Boost your balance sheet with cannabis banking in Ohio.
Given the complexities of this line of business, financial institutions must understand the economics of cannabis banking and tailor their products and services to meet the evolving needs of their customers. By establishing policies and procedures, implementing an effective technology platform, creating a scalable pricing structure and developing expertise and relationships now, bankers can gain competitive advantage.
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Conduct a guided review of your institution's risk tolerance.
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Develop a risk assessment tailored to the needs of your institution.
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Define and document the policy considerations of your banking program.
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Educate your stakeholders, including meetings with regulators.
GET STARTED
SHEDULE A CONSULTATION
Get expert guidance to build your cannabis banking program in Ohio. Schedule a consultation with Shield Compliance.
The Shield Compliance team can help you unlock the benefits of serving this industry. Contact us to learn how to design a cannabis banking program that meets your financial institution's needs for effective management and operations.
"Partnering with experts who can assist with implementing compliance technologies, risk management policies, and operational processes required for banking this industry will help financial institutions create the foundation for an effective program and ultimately gain the financial rewards of cannabis banking."
Tony Repanich, President & CEO
Shield Compliance
LOCAL HEADLINES
State Officials Announce Start Date for Retail Cannabis Sales
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
LEGISLATION
Regulators affiliated with the Division of Cannabis Control announced Friday that they will begin issuing dual-use certificates of operation to eligible cannabis dispensaries on Tuesday, August 6th.
Ohio recreational marijuana dispensaries get state approval to start sales
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
LEGISLATION
The Division of Cannabis Control said Friday that it intends to issue the first dual-use certificates of operation to dispensaries on Tuesday.
98 Ohio Dispensaries Approved to Launch Adult-Use Cannabis Sales
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
LEGISLATION
These retail facilities will initially have daily transaction limits for adult-use customers. A list of the dispensaries is provided.
Ohio issues 10 dual licenses for pending launch of adult-use marijuana sales
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
CULTIVATION
Ohio regulators have issued the first 10 dual licenses to marijuana cultivators and processors in the lead-up to adult-use sales in the potential billion-dollar Midwest market.