Cannabis Banking Expands in 2019

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) tracks financial services for the cannabis industry through Suspicious Activities Reports (SARs). As of March 2019, there are 493 banks and 140 credit unions actively servicing cannabis businesses. It is an increase of 55 banks and 27 credit unions since the prior quarter. Once the Secure and Fair Enforcement (SAFE) Banking Act passes, the numbers will only increase.