Cannabis Business Banking in California

What Is The Best Cannabis Friendly Bank in California

Here is a list of banks, federal credit unions (FCUs), lenders, and FINTECH companies that are known to work with cannabis businesses in the State of California:

Documents You Need To Get Cannabis Banking in California

If you’re starting a cannabis business in California, you might face some challenges when trying to open a bank account or access other financial services. This is because cannabis is still illegal under federal law, which makes banks hesitant to work with cannabis businesses. Here’s what you need to know to help you get started with banking for your cannabis business:

Challenges with Banking in California

Due to federal regulations, many banks are cautious about providing services to cannabis businesses. This can affect your ability to get checking and savings accounts, credit cards, loans, and other financial services. However, the California Department of Cannabis Control (DCC) offers a way to make it easier for banks to work with you by sharing certain information about your business.

The DCC can share specific information about your business with your bank, but only if you give your permission (contact DCC at: licensing@cannabis.ca.gov). This can make banks more comfortable working with you. Here’s the type of information you can choose to share:

• Application Information: Details from your license or renewal application (but not criminal background checks or personal information about owners).
• Compliance and Enforcement Information: Any documents from disciplinary actions, such as citations or notices of suspension.
• Track and Trace Information: Data from your Track and Trace system, including inventory, cannabis product transfers, and sales (for retailers). Employee information and details about other licensed businesses you work with will not be shared.