CANNABIS BANKING GUIDE | OHIO
Build a Compliant 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 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. According to Headset data, the Ohio market has seen over 100% year over year growth. It's time to get started by defining your financial institution's 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
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 no-obligation consultation with Shield Compliance today.
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
Shield Compliance Named Preferred Partner by the Community Bankers Association of Ohio
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
PRESS
Shield Compliance has been approved as a Preferred Partner by the Community Bankers Association of Ohio (CBAO).
Ohio's Cannabis Boom: Tips from the Cannabis Banking Playbook
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
INSIGHTS
Ohio's adult-use cannabis market has seen impressive growth since its launch in August 2024, generating more than $300 million in sales in just the first six months of operations.
Ohio’s first legal 4/20 brings $3 million increase for state’s marijuana dispensaries
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
BUSINESS
Sunday marked Ohio’s first legal 4/20 day and recreational marijuana sales were booming for the unofficial weed holiday.
Ohio recreational marijuana sales surpassed $242 million as 2024 came to a close.
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
BUSINESS
In November of 2023, Ohio became the 24th state to vote to legalize adult-use cannabis. In August of 2024, dispensaries across the state opened their doors.
WHITE PAPER
Get the Cannabis Banking Playbook
The Cannabis Banking Playbook defines a path forward for financial institutions to serve cannabis-related businesses compliantly while gaining the financial rewards of the legal cannabis market. Sign up to download your copy.