A record number of banks are now reporting that they're working with state-legal cannabis businesses amid increased pressure on Congress to enact broader protections for financial institutions interested in servicing the cannabis industry and as the Biden administration's rescheduling proposal advances, new federal data show.
The Financial Crimes Enforcement Network (FinCEN) has been tracking cannabis banking trends for the past decade, and its latest report for the second quarter of 2024 shows a record high, with 831 banks and credit unions reporting their active involvement with cannabis companies.
That's up from 815 in the first quarter of 2024 and 799 in the prior quarter.
FinCEN compiles this data based on financial institutions filing requisite "Suspicious Activity Reports," or SARs, for cannabis-related business clients.
Read more at Filter