If so, what bank are you using and how did you get them to accept your account? Any tips, tricks, or contacts you can pass along?
We bank with Obee Credit union in WA. They are awesome! They charge a fee (200$/mo) but accept marijuana accounts. Be honest about what you do, find a small credit union that doesn’t cross state lines. Be prepared to pay for the privilege, and there are cash depositing restrictions. But we get mostly checks so we just mobile deposit.
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Thanks for posting your recommendation. Do you know if they offer credit card or debit card point of sale services for merchants?
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Im not a retailer, so I am not sure, but I believe so.
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I know in Washington there’s also: Numerica Credit Union and Salal Credit Union that openly do business with the industry.
Arizona is a little tougher. We have two that I’ve heard of: 1st Bank and West Valley Credit Union.
The credit unions are the way to go. Otherwise, I’ve also heard of companies opening up account under the auspices of another business. Usually works…for a while 
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Negative on credit or debit card purchases - those transactions (visa/mastercard, etc.) have some federal oversight.
The beauty of these WA credit unions is that they are regulated under the NCUA, a national group, but not federal (as in FDIC). They are great to work with.
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The dispensary I go to accepts debit cards only, but it goes through as an ATM transaction, with the associated fee. Basically a convenience versus going to the ATM in the lobby and pulling out cash. That must get around the issues with direct debit transactions at the federal level somehow.
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Ugh, anyone have recommendations for California?
We have a creative agency, but have been having trouble opening a bank account – seems ridiculous, we don’t even work directly with the plant… But since our website says we work with cannabis brands, they say we can’t bank with these banks!
I’m assuming the problem is that federally insured banks can’t take on anything cannabis-related?
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Pretty much. It would be considered money laundering to help cannabusinesses out if you’re a federally insured bank.
To quote: "The Controlled Substances Act (CSA) prohibits everyone, including banks, from dealing with controlled substances or the proceeds from them – e.g. the cash used in the pot transaction. "
Your best bet is probably going to be a state-licensed credit union.
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Do you have the option to re-incorporate in another state? It looks like Washington state is the place to find a friendly credit union.
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@Changemaker-Lilli We are also looking for a banking partner in CA. Will keep you posted if we come across anyone locally.
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Any recommended credit unions/banks in NV, particularly in Vegas?
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Just moved from Vegas, the banking out there was a nightmare for cannabis. I will reach out to my contacts and see who is making progress.
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All we are in conversations with several banks in the LA area which are willing to work with us. Partially because we don’t handle the product & I suppose I got lucky with the bank managers.
Look for local credit unions and banks, the rates are a bit high ($0.20/ACH), $15 for wires etc but they are offering services.
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In So Cal, Poway area, several banks were approached. Chase on a return attempt agreed to an account. First was with Bank of America. We could us a debit card in person, they cancelled all online purchases, so we left them for Chase. We have been with Chase for several years now. They offered us several options for a business account.
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Are you in California or Colorado
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Anyone use this, or any other cryptocurrencies like Bitcoin or Ethereum?
http://www.potcoin.com/
Here’s an article on bitcoin usage in the industry:
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Bitcoin might impose a burden on retailers though. They need some way of converting their dollars into bitcoin.
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Be very careful with doing that. Even being based in a different state might be enough to invoke federal law. (Source: I have a Juris Doctor)
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Yeah the laws around cryptocurrencies are still very much in flux, good point.
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