Cannabis banking has been a tricky topic to tackle in recent years. Although many financial institutions refuse to do business with the high-risk industry, the truth is that cannabis banking has been allowed since February 2014. That was when the Financial Crimes Enforcement Network, or FinCEN, published their guidance on how credit unions and state-chartered banks could work with the emerging industry.
I can speak with confidence because, in 2020 alone, my firm OSS helped our cannabis clients secure cash pickups and process and deposit their proceeds. In all, the team at OSS assisted in moving over $1.6 billion into nearly a dozen financial institutions in the state of California, legally. Now the company is expanding its reach to the East Coast market, hoping to bring proven banking and security solutions to newly legalized states.
Banking is legal, as long as you follow the rules. None of our protected clients or family of customers experienced any disruptions of their account services, and every cent was accounted for.