The legal cannabis market in Missouri doesn’t even have a storefront yet, but Missouri’s Triad Bank is offering to work with businesses in the industry. Due to cannabis being illegal under federal law, there are regulatory risks for banks. Triad Bank, based outside of St. Louis, will be offering deposit services to cannabis businesses.
The state of Missouri legalized medical cannabis in November of last year. A plan for the number of licenses they will release is already in place. According to Marijuana Business Daily, the state plans to issue 60 licenses for cultivation, 86 for processing, and 192 for dispensaries during the initial round. Those businesses will need somewhere safe to do their banking at.
Both the House of Representatives and the Senate have legislation to change banking regulations. These changes in regulations would improve the access to financial institutions for members of the cannabis industry. According to Govtrack, on March 28th, the House Committee on Financial Services decided to issue a full report on the bill to a full chamber. Triad Bank’s decision is big news for cannabis business as they have long been a cash-only business. Hopefully, banks in other legal states will follow suit and change the financial landscape within the industry across the nation.
