Cannabis Business Banking in Pennsylvania
- Pennsylvania Cannabis
- Cannabis Business in PA
- Cannabis Business Banking in Pennsylvania
Related Pages:
Cannabis Banking Challenges and Oversight in Pennsylvania
The Department of Banking and Securities in Pennsylvania, under the guidance of the Banking Division Commissioner, regulates financial institutions in accordance with the Administrative Code of 1929 and the Banking Code of 1965. State legislation passed in 2022 provides protections for financial institutions and insurers that serve legitimate cannabis-related businesses, shielding them from state-level prosecution.
- Pennsylvania has issued up to 25 grower/processor permits and authorized around 50 dispensary permits, each allowing up to three locations.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in PA | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| BlueSky Bank | Bank |
| Chase (CBD Only) | Bank |
| First Commonwealth Federal Credit Union | Credit Union |
| First National Bank of Pasco | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Jonestown Bank & Trust Co. | Bank |
| Needham Bank | Bank |
| Parke Bank | Bank |
| Safe Harbor Financial | FINTECH |
| Shore United Bank | Bank |
| SSB Bank | Bank |
- Are you a Pennsylvania-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!Payment Processing Methods and Challenges for Cannabis, CBD, and Hemp Businesses in Pennsylvania
| Business | Primary Payment Methods | Challenges | Solutions |
|---|---|---|---|
| Medical Cannabis | - Cash - Cashless ATMs - Third-party platforms |
- Federally illegal - Limited banking access |
- Cash-only systems - Use cashless ATMs - Cannabis-specific platforms |
| CBD Shops | - Credit/Debit Cards - Online gateways |
- High-risk classification - Higher fees |
- High-risk processors - Regulatory compliance |
| Hemp Retailers | - Credit/Debit Cards - Online payments |
- Perceived risk - Farm Bill compliance |
- Hemp-friendly accounts - Fraud prevention tools |
Why is Banking Important to Cannabis-Related Businesses in PA?
- Security and Efficiency: Operating in cash increases theft risks and complicates operations. Banking enables secure transactions and streamlined financial processes.
- Regulatory Compliance: Banks help monitor transactions and support adherence to strict cannabis industry regulations.
- Financial Growth: Access to loans and credit allows businesses to manage cash flow and expand operations.
- Legislative Support: Pennsylvania’s House Bill 331 (July 2022) protects banks and insurers serving the cannabis industry, reducing state-level prosecution risks and encouraging engagement.