Cannabis banking options are still quite limited for marijuana entrepreneurs, despite only four states classifying it as fully illegal. While the government works out how they want to classify weed, here are some banking options for cannabis businesses.
You might have some options, but we won’t lie, they are limited. For now, smaller community banks and credit unions provide the most business banking options for cannabis-related businesses.
Partner Colorado Credit Union offers cannabis banking through Safe Harbor Financial, a Partner Colorado Credit Union division. It’s a mostly digital credit union and provides services to dispensaries, cultivators, manufacturers, labs, distributors and more. Services include lending, digital payments, payroll and even tax support. Safe Harbor offers cannabis banking services in 41 states, including California, Florida, Hawaii, Indiana, Michigan, New York and Washington.
Numerica Credit Union was one of the first credit unions in Washington to offer banking services to cannabis businesses. You’ll get access to checking, savings and money market accounts as well as online banking. But it only works with licensed cannabis producers, processors and retailers that operate in Washington.
As the first cannabis-friendly bank in Michigan, Dart Bank offers services to various cannabis businesses, including growers, processors or dispensaries. It provides business checking and savings, cash management services and treasury management. There are over 10 branch locations in the state, including Ann Arbor, Grand Rapids, Saginaw and Lansing.
Dedicated to banking options for cannabis-related businesses, Herring Bank offers checking, savings, online banking services, cash management systems and business programs. It has typical banking services you’d expect from any other bank, including electronic tax payments, payment processing, direct deposit, payroll processing, ACH payments and wire transfers. Herring can serve many cannabis businesses, including cultivators, manufacturers, retailers, wholesalers and CBD companies.
Tioga State Bank, or TSG, serves the state of New York and has cannabis banking specialists to help cannabis businesses navigate regulations and get banking and lending options. TSG offers cannabis banking options for dispensaries, cultivators, processors and micro-businesses. TSG’s business banking services include checking, savings, credit and debit cards, tools for management and government and municipal services.
Federal law still categorizes marijuana as a Schedule I drug, a classification of drugs said to have no acceptable medical use. This classification makes marijuana businesses illegal on a federal level. Most banks avoid any association with cannabis-related businesses out of fear they’ll violate federal law, so this makes it difficult for cannabis companies to find banks that allow them to open a business bank account.
But things for cannabis businesses might be changing.
In 2023, the Department of Health and Human Services (HHS) recommended to the Drug Enforcement Administration that weed be under Schedule III, meaning it would have medical uses and be considered a drug with a low or moderate physical dependence.
And on December 18, 2025, US President Trump signed an order with the intent of loosening federal regulations on marijuana, as reported by Reuters. In short, the plan is to classify weed as a Schedule III drug. However, Reuters also notes that it won’t change everything, since “marijuana would still be treated as a controlled substance on a federal level and its use subject to tight restrictions and criminal penalties.”
While this order could open doors for cannabis businesses looking for loans and banking options, some states still have red tape. Making weed a Schedule III drug still means businesses might have to duck and weave through regulations put up by individual states, but it’s a step in the right direction.
While cannabis banking availability is a significant factor in choosing your bank, consider the following additional criteria when comparing where to keep your money:
While cannabis banking may be hard to find and qualify for, it’s not impossible. Your best bet is to look to local banks and credit unions for your cannabis business banking needs until the Safe Banking Act — or an equivalent — passes and banks receive more federal guidance.
Need more business guidance? Check out our comprehensive small business resources and business tax guides.
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