The Department of Insurance and Financial Institutions (DIFI) takes the lead when it comes to overseeing financial institutions, including those that work with cannabis businesses. The Banking Division Commissioner is in charge of making sure these institutions follow both state and federal rules. The Arizona Administrative Code lays out the ground rules, giving clear guidance on how banks and other financial organizations can do business with the cannabis industry.
Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in AR | Type of Financial Institution |
---|---|
Amalgamated Bank | Bank |
Bison State Bank | Bank |
Chase (CBD Only) | Bank |
Farmers Bank & Trust | Bank |
Focus Bank | Bank |
FundCanna | Loans / Funding |
Green Check | FINTECH |
Herring Bank | Bank |
Lighthouse Biz Solutions | Credit Union Support Organization |
Safe Harbor Financial | FINTECH |
Requirement | Details |
---|---|
Transparency | Cannabis businesses must clearly disclose their involvement in the cannabis industry and share details of their operations with financial institutions. |
Thorough Documentation | Comprehensive records are essential to demonstrate compliance with regulations. Required documents may include licenses, financial statements, compliance reports, KYC and AML adherence, and details of ownership structure. |
Cost Evaluation | Cannabis businesses should expect higher banking fees due to the additional compliance demands on financial institutions. |
Meeting Additional Requirements | Banks may impose extra conditions, such as higher minimum balances, transaction limits, and regular updates on business documentation. |
Cannabis businesses face numerous banking challenges, largely due to the complex legal landscape. Key obstacles include: