Cannabis Business Banking in Mississippi
- Mississippi Cannabis
- Cannabis Business Banking in Mississippi
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Key Points
- State-Level Protection: Under the Mississippi Medical Cannabis Act, banks can provide services to licensed medical cannabis businesses without facing state-level penalties.
- Guidance for Financial Institutions: The Department of Banking and Consumer Finance (DBCF) supports banks serving cannabis-related businesses by providing compliance and operational guidance.
How Does the DBCF Support Cannabis Banking in Mississippi?
In the context of cannabis banking, the Department of Banking and Consumer Finance plays a crucial role in guiding financial institutions that choose to serve cannabis-related businesses. The Mississippi Medical Cannabis Act permits banks to provide services to licensed medical cannabis establishments without facing state-level penalties.
- Mississippi's medical cannabis program includes an estimated 200 licensed cannabis businesses and around 160 active dispensaries.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in MS | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| CannaFirst Financial | Bank |
| Chase (CBD Only) | Bank |
| Element Federal Credit Union | Credit Union |
| Farmers Bank & Trust | Bank |
| First National Bank of Pasco | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Merchants & Marine Bank | Bank |
| Safe Harbor Financial | FINTECH |
- Are you a Mississippi-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!What Services Do Cannabis-Friendly Banks in Mississippi Offer?
Cannabis-friendly banks in Mississippi provide a variety of services to support the financial operations of cannabis businesses, including:
- Checking and Savings Accounts: Facilitating daily transactions and secure fund storage.
- Online and Mobile Banking: Offering convenient access to account management tools.
- Cash Management: Implementing solutions to handle the predominantly cash-based nature of the cannabis industry.
- Treasury Solutions: Assisting with financial planning and efficient fund utilization.
- Loan Programs: Providing access to capital for business expansion, equipment purchases, and operational expenses.
Payment Processing Overview for Dispensaries, CBD Shops, and Hemp Shops
1. Cannabis Dispensaries (THC Products)
- Cash Transactions: The primary method; many dispensaries provide on-site ATMs.
- Cashless ATMs: Simulate ATM withdrawals by debiting customer accounts, avoiding traditional debit/credit systems.
- Bank Transfers (ACH): Rarely used; depends on the bank's willingness to work with cannabis businesses.
2. CBD Shops
- Credit/Debit Cards: Widely accepted but with frequent account closures or high fees.
- E-commerce Gateways: Platforms like Shopify Payments and Square permit online sales with strict compliance.
3. Hemp Shops
- Credit/Debit Cards: Readily accepted for low-risk products.
- Bank Transfers: Common for wholesale trade.