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Cannabis Banking: Why It’s Such a Struggle

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Cannabis Banking: Why It’s Such a Struggle

In the cannabis industry, access to cannabis banking services may feel impossible. For retailers, vendors, and suppliers (really any cannabis business) bank options are minimal. 

The reason? The Controlled Substances Act. This bill, passed in the 1970’s, considers marijuana a Schedule 1 drug. This places marijuana alongside drugs like heroin, meth, and LSD. As a result, marijuana sales are illegal at the federal level. 

Despite this, many states have legalized marijuana in some form. This creates a hurdle for dispensaries to develop a legal cannabis banking process. 

Credit unions and other financial institutions are hesitant to represent any marijuana business because of the industry’s position in a legal “gray area.”

Current Legality of Cannabis Banking 

This gray area wasn’t always an issue. It wasn’t until 2013, the Departments of Justice first issued a memorandum known as the Cole Memos. This memo stated that the federal government would not enforce a ban on marijuana. Instead, it trusted the states to put in place their own regulatory system for legal cannabis.

However, just five years later, the government rescinded the Cole Memos. This left uncertainty around how law enforcement would respond to the marijuana industry. 

Criminal prosecution loomed over any bank that did business with a cannabis company. Even those with a state-issued licenses. Many cannabis related businesses were left without any help from depository institutions. 

For cannabis related businesses that do get help from banks, compliance remains an issue. 

Even with a bank account, there are still many legal and regulatory hoops to jump through. For example, both the bank and the business must follow FinCEN guidelines to ensure all sales are legal. 

This is expensive for all parties involved. Marijuana businesses experience higher merchant account fees and financial institutions must use their resources to compile all of the data.

The burden of extra costs for banks and merchants are shifted to the consumer, making the purchases at dispensaries more of a hassle and more expensive. 

Besides the expense, cannabis banking processes are inefficient as banks still risk prosecution. The industry does not operate independently from the rest of the economy. They interact like any other brick and mortar business. They lease space, pay utilities, and do business with vendors, suppliers, and transporters. The same as any other business. 

This is problematic because the increased liability makes banks apprehensive to do business with cannabis related business, leaving many dispensaries to cover these costs themselves.

As a result, many cannabis related businesses are left without the support from American bankers and must operate as a cash business, an expensive and dangerous option. 

The extra expenses come from the need to protect the cash. Cash only businesses must hire armored trucks and armed guards. Despite these precautions, a public safety risk remains from the high likelihood of violent theft.  

In response, The National Association of State Treasurers called for legislative action. They encourage common sense legal and regulatory measures in states with legal cannabis. These regulations are aimed to fix the threat that large volumes of cash pose to these businesses and communities.

There is growing support for solutions to these marijuana banking issues. For example, there are credit card processing companies that have created legal avenues for marijuana businesses to process card payments. In addition, several states have begun initiatives to regulate cannabis banking nationwide.

Cannabis Banking at the State Level

In Oregon, the Maps Credit Union is giving marijuana companies bank access. Maps is the only credit union in Oregon currently providing online banking to marijuana businesses. This allows direct deposit payments through wire transfers. Unfortunately, Maps still lacks the legal authority to lend to cannabis companies. This bars them from accepting credit cards. As a result, all deposits incur hefty fees. 

Rachel Pross, the Chief Risk Officer at the Salem branch explained “like any other business on Main Street, they have deposit needs but also payroll, building supplies, expanding and getting into other lines of business, and payments.”

Maps also must keep records of all their cannabis clients to ensure they aren’t liable for a lawsuit. This slows their processing times for these businesses. 

California is another state who has identified the need for change in the cannabis banking industry. Recently, the State Senate passed a cannabis banking bill that allows banks to work with the California cannabis industry.   

The author of this bill, State Senate Majority Leader Robert Hertzberg, first pitched the Cannabis Limited Charter Banking and Credit Union Law in May. Since then, it’s gained the support of dispensaries from San Francisco to Los Angeles. 

The bill would issue special bank and credit union checks to cover general fees, like taxes or rent.However, before any of this can happen, it needs to pass in the State Assembly and the governor must sign it. 

Fortunately, these states are not alone in the push to bring banks into the cannabis industry. Recently, Senator Jeff Merkley introduced the Secure and Fair Enforcement (SAFE) Banking Act. 

The SAFE Banking Act

This bill, if passed, would fix most of the current cannabis banking issues. To start, it would limit the intervention powers of federal banking regulators. This protects legal cannabis businesses from forced shutdowns by the government. 

The SAFE Banking Act would also protect bank insurance. Currently, regulators can end bank insurance if they service cannabis related businesses. With the SAFE Banking Act, their insurance is federally protected. 

In essence, this banking bill would end the pressure private banks face. Now, they can service medical and recreational marijuana dispensaries without fear of prosecution. The bill would create a ‘safe harbor’ for the cannabis industry to operate. 

The SAFE Banking Act provides more than safe harbor, it also appears to have a safe bet to become law.  In the time since the bills introduction, it has earned over 200 co-sponsorships. 

These sponsors come from both sides of the aisle. Including Democrats Rep Ed Perlmutter and Rep. Denny Heck. Also sponsoring the bill are Republicans Rep. Steve Stivers and Rep. Warren Davidson. 

As an added bonus, soon after the bill’s introduction, it earned widespread support. The most prominent support came in letters to Congress written by Attorneys General. 

An Attorney General is the most important legal adviser to a state government. The SAFE Banking Act earned signatures from thirty-eight of them. From states, Washington DC, and US territories, they all called for cannabis banking solutions. 

The letter reads: 

“Our banking system must be flexible enough to address the needs of businesses in the various states and territories, with state and territorial input, while protecting the interests of the federal government. This includes a banking system for marijuana-related businesses that is both responsive and effective in meeting the demands of our economy.”

Currently, the bill has passed out of the house financial services committee. Next, it must pass a vote on the House floor. However, even if it passes in the House, it will take time before it reaches the Senate or office of the president.

If passed in the House, the bill must then go into the Senate Banking Committee. If it makes it from that committee, the Senate must pass it and the president must sign it into law. 

The Overarching Challenge for Cannabis Companies

Even if the SAFE Banking Act becomes law, it is still has its flaws. The most prominent flaw being that it does nothing to legalize marijuana nationwide. Meaning that for the states without any legal cannabis, the bill accomplishes nothing. 

Additionally, because marijuana will remain illegal, marijuana companies won’t be publicly traded. As a result, even if the bill becomes law, no cannabis company will gain the benefits of the stock exchange. 

While both of these are downsides to the bill, the biggest obstacle is the government. The lengthy bill-to-law process has so many opportunities to end the bill and only one way for it to pass.

Until there is legislation allowing banks to help businesses, there are still options. One solution that is working currently is allowing credit card processing for dispensaries. 

This banking system helps high-risk businesses like medical and recreational dispensaries get merchant accounts. Instead of having to go overseas for an account, this solution processes payments here in the US.

This system allows dispensaries to accept credit and debit cards at EMV terminals. This means less cash payments and more on plastic. This system uses a patented blockchain technology that keeps payment information encrypted. As payments (blocks) come in, they form chains that record the transaction information. Once verified, that information completes the payment. In short, their system allows cannabis payments to happen the same way as any other.  

As a whole, cannabis banking is an area of great potential. More than half the country has legalized some from of marijuana. That means more than half the country has cannabis related businesses operating without a bank to support them. 

The Current Frustration of Banks & Business Owners

The lack of cannabis banking options has brought about some real frustrations in both banks and business owners.

For banks and other financial institutions, there are many strands of red tape to avoid. Maintaining expensive monitoring systems or facing lawsuits is less than ideal. Not only that, it is almost impossible for banks to guarantee they are not breaking federal laws.  

For a cannabis business, a lack of cannabis banking is expensive. With only cash, a business owner must hire armored trucks or armed guards to ensure their money is secure. On top of that, day-to-day expenses like payroll, rent, or taxes are much more difficult with cash alone. 

For communities, government inaction to allow cannabis banking is a danger. When local dispensaries have large sums of cash on hand, incidence of crime increases. 

Until the legalization of cannabis banking, businesses, banks, and communities are paying the price of inaction. This price affects every aspect of the industry. From growers, to vendors, to retailers, and ultimately, consumers. 

Cannabis banking allows better, easier, and safer business practices. 

Without fear or prosecution, banks would be able to accept more clients. This is profitable for both the bank, the business, and the government. Also, it would allow the marijuana industry to join the regulated sector. This would help combat illegal transactions and legitimize the industry.

Without costly upkeep of workarounds, marijuana businesses would be more profitable. It’s a well known fact that people buy more with card payments. In addition to higher profits, cannabisrelated businesses would have fewer fees. No longer will they have to spend money to protect piles of cash. 

When cannabis businesses can digitize payments, streets are safer. With cannabis banking, communities will (and have) seen fewer instances of crime. It’s clear- the benefits of cannabis banking extend far beyond the monetary perks. 

The question isn’t whether or not cannabis banking can be legal. It’s the financial industry overcoming the stereotype of the cannabis industry that seems to be the largest hurdle that is holding back cannabis banking from improving beyond cash only business.

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Example of High Risk Merchants

  • 1-900 Phone companies – If you’re the type of company that charges people to have a chat on the phone, you’ll be considered high risk.
  • Adult Bookstores – Clearly a part of the adult entertainment industry, and an easy mark for the high risk tag.
  • Adult Entertainment – Any business labeled with the “adult” descriptor will automatically be assigned a high risk status.
  • Adult Toys – As “adult” is in the name, it’s an easy target for association with the adult entertainment market.
  • Airline Industry – Due to cancellations on high ticket purchases, this will put your airline company in the high risk category
  • Amazon Stores – By having a high rate of return, Amazon stores are seen as high risk.
  • Ammo Sales – Association with the weapons industry guarantees high risk status.
  • Annual Contracts – Any time an annual contract is involved it can be considered highrisk because most consumers forget they signed up and chance of chargeback can be high.
  • Antiques – With a high average ticket per item, antiques are considered a risky merchant type.
  • Astrology – The study of the celestial bodies and the influence on human affairs can be a chargeback target if customers feel like they aren’t getting the answers they want.
  • Auctions – Because of the nature of bidding on a product and not having a set price the risk level goes up.
  • Autographed Collectables – There is almost always a question as to whether an autograph is authentic, and therefore chargebacks are much higher in this industry.
  • Automotive Brokers – Brokers of automobiles have a very high average ticket are are therefore of higher risk.
  • Bankruptcy Attorneys – Since the people who are working with bankruptcy attorneys are usually in financial trouble, the odds that a payment would be charged back is higher.
  • Betting Services – In many states betting is illegal but for the legal states betting with a credit card has huge chargeback implications.
  • Brokering – When a third party is involved with selling a product the risk level goes up ten fold.
  • Business Loans (Merchant Cash Advances) – Loaning money is always risky, but with business loans and startup lending, high risk is present by the nature of the business.
  • Casino – Just like a betting service, if a customer gambles with their credit card the chargeback rate sky rockets.
  • CBD Products – CBD itself poses high chargebacks because of the legitimacy of the product and the health benefits promised.
  • CBD E commerce – CBD E Commerce has twice the charge back of retail CBD because many consumers don’t feel like the product they receive gives them the benefits promised.
  • Check Cashing (Check Processing) – The level of fraud in check cashing and cash advances is what gives this industry a higher risk consideration.
  • Cigarettes – With higher levels of risk for theft and criminal activity, cigarette sales are deemed high risk.
  • Collection Agencies (Collection Agency) – Many banks see collections as an unsustainable business model that is many times unreliable.
  • Collectible Coins – A higher level of chargeback in this industry gives it a high risk tag.
  • Collectible Currency – Due to the level of inauthentic collectibles, the risk of chargebacks are much higher with collectibles.
  • Copyrighted eBooks – When someone sells something copyrighted without permission many legal issues can arise.
  • Coupon Programs – With many coupon programs the coupons expire and once they expire the consumer wants the money back they spend.
  • Credit Counseling – Due to their clients usually being in financial problems, this industry is fraught with non-payment and fraud.
  • Credit Protection – Most people that need credit protection are bad with money so chargebacks abound.
  • Credit Repair – If a consumer needs credit repair then chances are they are a high risk for chargebacks.
  • Currency Sales – Many businesses that exchange currency do it at incorrect rates hence more chargebacks.
  • Dating Services – Dating is a volatile industry, and is also lumped in with the adult entertainment industry, making it a high risk account.
  • Debt Collection Services – As the collection of debt isn’t always possible, this industry retains the tag of risky.
  • Debt Consolidation Services (Debt Consolidators) – Consolidating debt is a challenging business and as debt is usually the problem, it’s seen as unsecure from a payment perspective.
  • Debt Repair Services – Since the clients of debt repair services are usually having financial challenges, it makes this industry seem a higher risk.
  • Discount Health Programs – Many people don’t feel they are really getting a discount so they try to get their money back and if they don’t the chargebacks sky rocket.
  • Discount Medical Care Programs – Just like the discount health programs if they don’t save the consumer wants their money back.
  • Drug Paraphernalia – Anything that is associated with the drug trade is considered high risk. Offshore merchant accounts are commonly used for this type of business.
  • E Commerce – As the source of the payment is unverifiable at the point of sale, any transaction without the card present has a higher risk of credit card fraud.
  • Ebay Stores – Many people sell items that aren’t as described so chargebacks can be an issue.
  • Electronic cigarettes – much like traditional cigarettes, e-cigarette sales are also deemed high risk.
  • Electronics – This industry has a much higher ticket compared with many other businesses. A chargeback for a $3,000 tv or two and your account can be in jeopardy rather quickly.
  • Escort Services – This is deemed a part of the adult entertainment industry and therefore needs a high risk merchant account and payment solution.
  • Event Ticket Brokers – If a customer buys a ticket and doesn’t use it they feel like they can charge the transaction back.
  • Extended Warranty Companies – Warranties are rarely used so people try to charge back the money that has been spent paying for them.
  • Federal Firearms License Dealers – Any organization associated with guns or firearms is automatically considered in this category.
  • Fantasy Sports Websites – Just like gambling, if a person starts to lose too often they try and charge back the transaction.
  • Finance Brokers – The entire financing industry is risky. By simply extending credit to other individuals, this business is betting that a majority of them will actually pay what they say they will.
  • Financial Advising/Consulting – The high risk tag on financial advisors isn’t about the advisors or their firm. It’s about the clientele and their current circumstances.
  • Financial Loan Modification Services – Due to a clientele in financial struggles, the high risk term is applied to any payments in this industry.
  • Financial Planning – Anything that includes risk for the consumer can have consumer implications with chargebacks.
  • Financial Strategy – Another risk and reward category, if money is lost, consumers try charging back making this a high risk industry.
  • Fortune Tellers – When a person doesn’t hear what they want to hear, or what is told doesn’t happen, the fortune teller can receive huge chargebacks.
  • Furniture Sellers – High risk only when its custom furniture.
  • Gambling – If money is lost the chargebacks rise.
  • Gaming – Chargeback levels skyrocket when consumers don’t win.
  • Get Rich Quick Programs – It’s rather common in this industry for an individual to purchase the training and then chargeback their purchase saying it didn’t deliver on what was promised.
  • Google Stores – With a high rate of return on their items, Google stores are considered high risk.
  • Gun Sales (Firearm Sales) – The gun and projectile industry is automatically associated with high risk credit card processing.
  • High Average Ticket Sales – With any high average ticket, just a couple of chargebacks can mean a massive shift in how risky the account is deemed by the processor.
  • Home/Vacation Rentals – Many issues with chargebacks can take place if the consumer decides not to travel.
  • Horoscopes – Many people believe this is hocum so will chargeback transactions.
  • How To Programs – A common practice in this industry is to purchase the program and charge it back with the description that it didn’t deliver what it promised.
  • Hypnotists – Many merchants will charge back these transactions if results they hoped for were not met.
  • Import/Export Business – Another example of taking goods over country borders which automatically brings in additional risk to any processing account.
  • Indirect Financial Consulting – When using a third party to consult, the high risk status gives the processor fraud protection.
  • International Cargo – Any time you introduce a multi-country element to credit card processing, the ability for fraud to be introduced skyrockets.
  • International Merchants operating in the US – Since the merchant isn’t operating from the United States, there are many unknowns about what is happening on the other side of their business, thus increasing the risk.
  • International Shipping – Transporting goods between countries is risky and introduces all sorts of elements to the financial stability of any transaction.
  • Investment Books – consumers get upset if the investor isn’t right which can lead to chargebacks.
  • Investment Firms – As investments are never a “sure thing” this is considered a risky industry for having a merchant account.
  • Investment Strategy – Anything with future promises can lead to chargeback.
  • Knife Sales – weapons of any kind are automatically given high risk status.
  • Kratom E Commerce – Accepting payments online is high risk, and Kratom is a substance in the health and wellness industry, which is also considered high risk.
  • Life Coaching – With no tangible goods involved in the transaction, life coaching is considered high risk.
  • Lingerie Businesses – Associated with the adult entertainment industry, chargebacks abound.
  • Lotteries – In most states you can buy lottery tickets with a credit card but if you’re allowed to and the ticket is not a winner, consumers try to chargeback the transactions.
  • Magazine Sales – Many magazine sales are recurring subscriptions, which can have issues with chargebacks.
  • Magazine Subscriptions – Same as magazine sales chargebacks can be huge when a recurring subscription happens. (often referred to as recurring billing.)
  • Mail Order Companies – When something is ordered through the mail chargeback risk can go up.
  • Marijuana Dispensaries – As marijuana isn’t a legal substance in every state, this is considered high risk due to the legality of the product. Cannabis credit card processing is available through Shift Processing.
  • Matchmaking Services – Another branch of the dating tree, and often associated with the adult entertainment industry.
  • Medical Devices – If a medical device doesn’t do what’s promised the purchaser may chargeback the transaction.
  • Membership Organizations – This is another instance of where the transactions don’t have any tangible product and are easily charged back to the merchant account.
  • Merchants on the MATCH list – If you are a merchant who has been reported to the MATCH list (Member Alert to Control High Risk Merchants) or the TMF (Terminated Merchant File) you are given high risk status.
  • Merchants with Poor Credit – Merchant accounts are given based on the credit score of the business owner. It’s assumed that the business owner is going to be making the financial decisions for the business, and a poor credit score reflects on the viability of any business transactions.
  • Modeling Agencies – At many agencies models are promised the world and it doesn’t happen. The consumer then wants their money back.
  • Movie Downloads – Transference of a digital product is considered of higher risk. Also, rarely is a physical card present at time of purchase.
  • Multilevel Marketing Sales – Often associated with pyramid schemes, MLM sales are considered a risky business.
  • Music Downloads – Purchasing any digital product is considered to be of higher risk than a physical transaction. Most of the time the card is not present in a digital transaction using a shopping cart.
  • Not A US Citizen Doing Business In The US – It’s possible to get a merchant account without a US social security number, but not having a SSN will increase the risk the processor will have in issuing a merchant account for your business.
  • Online Adult Membership Sites – If you’re running a website that is adult themed and requires payment for access, this is a highly volatile account and definitely high risk.
  • Offshore Corporations (Offshore Merchants) – The international element is what gives the high risk tag when looking for domestic merchant accounts.
  • Online Gambling (Online Gaming) – Without a card being present and gambling as the activity, there are two reasons why this would be on this list. Online payment alone is risky even without the gambling element.
  • Overseas Exporting Services – The introduction of the international element is what gains access to this list.
  • Pawn Shops – There’s a general stigma that goes along with pawn shops, and it’s reflected in their assignment to the high risk processors list.
  • Penny Auction Sites – Even though the customers are usually bidding at only a penny more per bid, users will commonly charge back the transaction when they don’t win.
  • Pepper Spray – Considered a type of weapon, pepper spray vendors are considered risky.
  • Points Programs – Points programs that cost money can cause chargeback issues if points are not used.
  • Pornographic Merchants – If you’re a part of the adult entertainment industry in any way, you’re considered high risk.
  • Precious Metals – Counterfeit metals can be a problem in this industry, making it more risky to accept payments for.
  • Prepaid Calling Cards – Anything prepaid that a consumer may not use increases chargeback issues.
  • Prepaid Debit Cards – When they expire or are lost consumers want their money back.
  • Psychic Services – “Honey, did you visit a psychic? No babe, I don’t remember visiting a psychic.” I’ll just reverse that charge then.
  • Real Estate – A common target for scams and identity theft is how real estate makes this list.
  • Replica Products (Watches, Handbags, Wallets, Sunglasses, Etc…) – As the product being sold isn’t authentic to the original manufacturer, the percentage of requests for refund is much higher than a traditional merchant.
  • Rewards Programs – If rewards are not spent, the consumer wants the money back.
  • Self-Defense – Since the payment provided is for instruction and not a physical product, the self-defense industry makes this list.
  • Self-Hypnosis Services – Yet another instance where the goods being transferred are of a service and not a physical product.
  • SEO Services – With a high rate of request for refund, SEO agencies make this list.
  • Social Networking Sites – Just like a dating site, if a consumer does not get what they want from it, they always like to chargeback.
  • Software Downloads – The software industry makes their way on to this list because of the digital nature of the goods being sold.
  • Sports Forecasting – An example of paying for information and not for a product, and usually not in person where the card would be present for the transaction.
  • Startups – Every startup is considered risky, and the percentage of startups that make it is quite small compared to the number that fail.
  • Student Loans – With the cost of a college education continually on the rise, so is the percentage of loans that default and never receive payment.
  • Strip Clubs – Associated with the adult entertainment industry gains the strip club access to this list.
  • Stun Gun Sales – considered a type of weapon, which makes it a high risk merchant.
  • Supplement Sales – The request for refund in this industry is quite high due to the nature of the product.
  • Sweepstakes – “Hey, I entered a sweepstake and I didn’t win. I’d like my money back please.”
  • Talent Agencies – “I paid thousands of dollars for headshots and glamorous outfits and I haven’t gotten any paid gigs. Pay me back my money please.”
  • Telemarketing Services – Telemarketing services many times do not have the results the purchaser would like to see, so the services are charged back.
  • Telephone Order Sales – Anything ordered over the phone has a increased risk of chargeback.
  • Timeshare Companies – When timeshares aren’t used, people want their money back.
  • Travel Agencies – If trips are not taken, consumers would like their funds returned.
  • Travel Clubs – Many travel club discounts aren’t what they were promised, increasing risk for chargebacks.
  • Vacation Rental Brokers – Third party brokers on prepaid vacation can have issues when customers cancel their trips.
  • Vape Shops – The level of criminal activity and theft is higher with vape shop merchants and therefore carries a high risk label.
  • Vitamin Sales – If the vitamins don’t provide the results the merchant would like to see they chargeback the transactions.
  • Web Designer – Because this service is prone to chargebacks, it has been classified as high risk.
  • Weight Loss – Considered risky because the results aren’t really up to the company, but rather the individual has to stick to the plan to get results, often resulting in chargebacks.
  • Yahoo Stores – Since the goods sold through Yahoo can easily be returned, they are considered a risky merchant.

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