Washington, DC: A growing number of banks and credit unions are providing financial services to marijuana-related businesses, according to data released by FinCEN (the US Treasury Department's Financial Crimes Enforcement Network) and first publicized by the news portal MarijuanaMoment.net.
The report acknowledged that the number of financial institutions actively banking with marijuana-related businesses rose from 401 in October 2017 to 486 in September 2018.
Although the federal classification of cannabis as a schedule I prohibited substance discourages banks from cooperating with state-licensed cannabis businesses, a 2014 US Treasury Department memo provided guidance to financial institutions wishing to transact with the marijuana industry. However, that memo was rescinded by the Justice Department earlier this year.
For more information, contact Justin Strekal, NORML Political Director, at (202) 483-5500.