Compliant Banking for Hemp and CBD businesses
Due to the evolving nature of state and federal regulations for Hemp and a virtually nonexistent framework for CBD, the appetite of banks and merchant processors for these sectors varies widely. While our supporting financial institutions accept most Hemp and/or CBD verticals, they do not accept all.
That said, our approach assumes that a solution exists for every client and that we will find it.
If you’re seeking full-service banking for your Hemp farm or CBD retail shop and finding it a tough slog, GoodPlant Financial Services can help.
The Bad News: While Hemp and CBD products are legal, they are also still largely unregulated, leaving both business owners and financial institutions in limbo.
Due to the incremental development of state and federal regulations for Hemp and unsettled regulatory framework for CBD, the appetite of banks and merchant processors for these sectors varies widely. So, while our partner financial institutions accept most Hemp and CBD operations, they do not accept all.
The Good(Plant) News: Our approach assumes that a solution exists for every client, and that we will find it.
One reason for this confidence is that we maintain strong ties to industry-friendly banks and credit unions to help them accurately assess these risks. This ongoing process ultimately creates more options for our clients while ensuring a productive partnership among all stakeholders.
So yes, we CAN provide merchant processing services for licensed and compliant Hemp businesses, including those selling flower and seeds. Our partner institutions offer transparent, compliant banking for Hemp operators and CBD retailers nationwide.
These services typically include:
- Depository Services
- Debit Cards
- Online banking
- Accounts Receivable/Payable
- Lockbox service
Note that until the USDA, FDA and individual state guidelines are fully established (and likely even for some time afterwards), our partner institutions will still require substantial due diligence before opening accounts. Your GoodPlant Partner will help guide you through this process.