Cannabis Banking Unlocked: Top 10 Questions & Answers
- Oct 7, 2021
- 1 min read
Updated: 1 hour ago
Whether your financial institution is already serving the legal cannabis industry or thinking about offering banking services to cannabis-related businesses, here are answers to some of the most common questions about banking this industry.
Over the past few years, the market for legal cannabis has flourished. As a growing number of states supplement medical marijuana programs with recreational/adult-use programs, New Frontier Data estimates that the legal marijuana industry in the U.S. will reach $41.5 billion by 2025, a compound annual growth rate of 21% from 2019.
Despite the potential for continued strong market growth in the years ahead, marijuana remains an illegal substance under federal law. Fear of federal prosecution, combined with a complex regulatory environment, has resulted in many financial institutions opting to stay on the sidelines of this burgeoning market.