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How Do Cannabis Companies Have Bank Accounts Right Now If There Is No Safe Banking Act Passed?

Written by on August 19, 2021

As of March 31st, 6894 credit institutions and banks filed reports insisting that they were already working with marijuana businesses. This is the same number of banks from the last quarter, although it hasn’t gotten to its peak in 2017, which was 747. So why the reduction i8n number? 

Well, this slight reduction in 2020 was caused by FinCEN. FinCEN is an institution that is a part of the US Treasury Department and has stopped counting hemp-based enterprises in their three-monthly reports. This has been the situation since hemp was legalized under the Farm Bill of 2018. The bill contributed to the dip as opposed to other rising numbers from hemp-based bank accounts.