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.
Shield Compliance is transforming the way financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis industry.