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Poll results

As cannabis remains illegal at the federal level, businesses in the industry have long struggled with finding financial institutions willing to take them on as customers, as banks risk their standing with the Federal Deposit Insurance Corp. Among the outliers in that realm is Lighthouse Biz Solutions, LLC, a cannabis financial services subsidiary of GFA Federal Credit Union in Gardner. Still, finding banks willing to do business with them remains an ongoing challenge for cannabis business owners, although there are efforts underway to relieve this problem at the federal level, including Congress considering the SAFE Banking Act of 2021, which prohibits regulators from penalizing financial institutions servicing legal cannabis companies.

Should banks be allowed to have formal relationships with cannabis businesses like they would with any other industry?
Yes (86%, 159 VOTES)
No (14%, 25 VOTES)
Poll Description

As cannabis remains illegal at the federal level, businesses in the industry have long struggled with finding financial institutions willing to take them on as customers, as banks risk their standing with the Federal Deposit Insurance Corp. Among the outliers in that realm is Lighthouse Biz Solutions, LLC, a cannabis financial services subsidiary of GFA Federal Credit Union in Gardner. Still, finding banks willing to do business with them remains an ongoing challenge for cannabis business owners, although there are efforts underway to relieve this problem at the federal level, including Congress considering the SAFE Banking Act of 2021, which prohibits regulators from penalizing financial institutions servicing legal cannabis companies.

  • 184 Votes
  • 0 Comments
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