The Bank Counter Details the Current Number of Banks Serving the Cannabis Industry
2/3/2021 – New York, NY – Fincann, a leading provider of essential financial services including compliant bank accounts and payment processing solutions for the cannabis industry, recently launched the industry’s first measure of current complaint industry-friendly banks, The Official Cannabis-Friendly Banks Counter.
“From the outset and ongoing, there has been and remains a great deal of misinformation and lack of information regarding cannabis banking and payment solutions. As the nation’s Cannabis Banking Authority™, Fincann provides all stakeholders with free, current, expert, and factual guidance pertaining to all industry sectors.” said CEO, Nathaniel Gurien.
The Financial Crimes Enforcement Network (FinCEN) bureau of the United States Department of the Treasury reports that there are upwards of 600 US Banks currently [serving] interacting with the industry. This number has been misinterpreted to reflect the number of banks actually [providing compliant support] serving the industry since for example, such interaction includes many reports of closing accounts discovered to be industry-related.
Fincann is eliminating misinformation in the cannabis banking space by publishing accurate and current information on the number of banks currently serving the industry. Out of 5,276 US local and national banks, today only 188 services one or more industry sectors.
Total US Local & National Banks 5276*
Total Industry-Friendly Banks (across all sectors): 188
THC-Licensee Friendly Banks: 67
CBD-Friendly Banks: 77
Hemp-Friendly Banks: 88
Cannabis Investment Funds-Friendly Banks: 96
Cannabis-Related Ancillary-Friendly Banks: 90
“Since 2015, Fincann has built and now offers our clients exclusive access to our proprietary network of financial institutions that are openly and sustainably banking cannabis, CBD, and hemp business. Our services are available to all cannabis sectors in all 50 states.” said CEO, Nathaniel Gurien.
From the front lines of cannabis banking, Fincann aims to release accurate information unavailable elsewhere to help the industry, journalists, professionals, and banks make informed decisions.
*Based on data from: BankBranchLocator.com
Fincann is the financial institutions’ and cannabis industry’s one-stop resource for proven compliant, sustainable, and transparent financial services and advisory. Fincann has provided essential financial services to 100s of clients across the country, including overseas companies with US operations.
Media Contact: Raquel Heras