Cannabis Business Banking in Rhode Island
- Rhode Island Cannabis
- Cannabis Business in RI
- Cannabis Business Banking in Rhode Island
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Cannabis Regulation and Banking Compliance in Rhode Island
- The Department of Business Regulation (DBR) oversees licensing and compliance for cannabis establishments in Rhode Island, ensuring they follow state laws and administrative codes.
- The Attorney General's Office enforces cannabis-related laws and offers legal guidance to align operations with state and federal requirements.
- While the DBR does not regulate banking services directly, it collaborates with financial institutions to facilitate compliant banking for cannabis businesses.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in RI | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Bank 5 | Bank |
| BayCoast Bank | Bank |
| Bison State Bank | Bank |
| Chase (CBD Only) | Bank |
| Element Federal Credit Union | Credit Union |
| First National Bank of Pasco | Bank |
| Green Check | FINTECH |
| Greenwood Credit Union | Credit Union |
| Lighthouse Biz Solutions | Credit Union Support Organization |
| Needham Bank | Bank |
| People's Credit Union | Credit Union |
| Safe Harbor Financial | FINTECH |
- Are you a Rhode Island-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker in Rhode Island To Discuss Your Business Needs
Reach out with any questions!How Do Cannabis, CBD, and Hemp Businesses Handle Payments in RI?
Medical and Recreational Dispensaries
- Cash Transactions: Cash remains the primary payment method due to federal restrictions on cannabis banking.
- Debit Card Options: Many dispensaries use point-of-sale systems that allow debit card payments, typically functioning as ATM withdrawals.
- Cannabis-Specific Payment Apps: Some dispensaries utilize apps designed for cannabis transactions, enabling customers to pay electronically using linked bank accounts.
CBD and Hemp Retailers
- Credit and Debit Cards: CBD and hemp retailers often accept these due to the federal legality of hemp-derived products.
- Cash Payments: Some businesses may still prefer cash, particularly smaller or newer establishments.
- Digital Payment Platforms: Certain retailers offer mobile payment apps or online payment options for convenience.
What Do Banks Need From Your Cannabis Business to Play Ball?
- Proof of Licensing: Your state-issued cannabis business license is a must to show you’re operating legally.
- Detailed Business Information: Banks usually want to see things like your business plan, financial statements, and operational procedures. This helps them verify that your business is legitimate and financially stable.
- Compliance Documentation: Be prepared to show that you’re following state regulations. This might include details about your security measures, employee training programs, and inventory tracking system.
- Regular Reporting: Most banks require ongoing transparency. They’ll expect you to agree to regular reporting so they can monitor your transactions and ensure everything stays in line with federal guidelines.