US: Federal report shows fewer banks are working with cannabis business amid coronavirus

The number of financial institutions servicing the marijuana industry declined again over the last fiscal quarter, new federal data shows, though there seem to be multiple factors behind that trend.

The Financial Crimes Enforcement Network (FinCEN) reported last week that 695 banks and credit unions were working with state-legal cannabis businesses as of the end of June. That’s down from 710 in the previous quarter, which itself represented a dip from prior numbers.

A quick glance at the new government chart might make it seem that banks are significantly less willing to take on marijuana accounts of late. But it should be noted that FinCEN, which is part of the Treasury Department, stopped including hemp-only businesses in their quarterly reports since the crop was federally legalized under the 2018 Farm Bill—which accounts for at least part of the dip as compared to prior figures that counted hemp-focused accounts.


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