Cannabis Business Banking in Vermont
- Vermont Cannabis
- Cannabis Business in VT
- Cannabis Business Banking in Vermont
Related Pages:
Financial Accountability Requirements for Vermont Cannabis Establishments
The Cannabis Control Board (CCB) oversees the state's cannabis industry, including both medical and adult-use markets. Despite state legalization, cannabis remains federally illegal, complicating banking services for cannabis businesses. To address this, the Vermont Attorney General has advocated for federal legislation, such as the Secure and Fair Enforcement (SAFE) Banking Act, to provide legal cannabis businesses with access to banking systems. The CCB provides guidance and regulations to ensure compliance within the state's cannabis market.
- Vermont's cannabis market has grown significantly, with over 100 licensed retailers currently operating across the state.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in VT | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Chase (CBD Only) | Bank |
| First National Bank of Pasco | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Needham Bank | Bank |
| ONE Credit Union | Credit Union |
| Safe Harbor Financial | FINTECH |
| Vermont Federal Credit Union | Credit Union |
| Wells River Savings Bank | Bank |
- Are you a Vermont-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker To Discuss Your Business Needs
Reach out with any questions!Common Payment Methods for Cannabis, CBD, and Hemp Businesses in Vermont
Cash Transactions: Cash remains a primary payment method due to restrictions on credit card use for cannabis-related purchases. However, handling cash poses security and logistical challenges.
PIN Debit Transactions: Dispensaries use PIN debit systems for cashless payments, processing transactions like ATM withdrawals.
ACH Transfers & eChecks: These enable direct bank-to-bank payments.
Third-Party Processors: Platforms that support CBD payments for products with ≤0.3% THC, offering in-store and online options.
Banking Requirements for Cannabis-Related Businesses in Vermont
- Documentation: Business formation papers, EIN, and operational agreements.
- Ownership Info: Disclosure of owners (10%+ equity) and personal IDs.
- Background Checks: Thorough checks on owners and key staff.
- Financial Transparency: Detailed financial records proving legitimacy.
- Compliance Plans: Plans for regulatory adherence, security, and training.
- Insurance/Bonding: Proof of insurance and, if required, bonding.
- Cash Management: Strategies for handling cash-intensive operations.