Banking Services: Cannabis Businesses Face Access Challenges
A report from the Government Accountability Office (GAO) found that cannabis-related businesses continue to face challenges accessing financial services despite federal guidance intended to help financial institutions serve the industry.
According to the report, businesses may encounter bank account closures, high banking fees, difficulty obtaining loans, and elevated interest rates. The report also found that accepting customer payments remains challenging because major credit card companies continue to prohibit cannabis purchases.
Read the full GAO report by clicking here