Cannabis Business Banking in California
- California Cannabis
- Cannabis Business in CA
- Cannabis Business Banking in California
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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:
| Company Name | Type of Financial Institution | Additional Info |
|---|---|---|
| Amalgamated Bank | Bank | |
| BlueSky Bank | Bank | |
| Herring Bank | Bank | |
| Home Bank of California | Bank | |
| KeyPoint Credit Union | Credit Union | |
| Meriwest Credit Union | Credit Union | |
| North Bay Credit Union | Credit Union | |
| Safe Harbor Financial | Fintech | |
| Salal Credit Union | Credit Union | |
| Santa Cruz Community Credit Union | Credit Union | |
| Shore United Bank | Bank | |
| Summit Bank | Bank | |
| Tasi Bank | Bank |
Contact a Banker To Discuss Your Business Needs
Reach out with your questions!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.