Even though adult-use cannabis is legal in eleven states, cannabis businesses have long struggled with obtaining a basic level of financial services, being forced to operate cash-only businesses. This is because banks can be blacklisted for providing accounts for cannabis businesses, due to the drug’s illegality at the federal level. This lack of access to banking options has led to doors being opened for businesses like Shield Banking and Compliance. Companies like these help cannabis businesses with banking, customer payments as well as remaining compliant with state and federal regulations.
Lawmakers in Colorado have recently launched programs that will address the cannabis banking issue by offering protection and guidance for banks and financial institutions who work with state-legal cannabis businesses. Colorado Governor Jared Polis and the state Department of Regulatory Agencies announced initiatives to "increase the number of financial service providers in Colorado who serve the state’s legal marijuana and industrial hemp industries,” according to a news story from Denver’s Westword.
This move could open some doors for other banks to work with cannabis businesses, which could expand investment opportunities as cannabis inches towards legitimization and the mainstream North American economy.