What else is new with marijuana banking?

A couple of weeks ago, I blogged about what’s new with marijuana banking.  Among other things, I provided an update on one credit union’s ongoing efforts to become the first credit union chartered to support the marijuana industry and with a field of membership focused on cannabis groups.

In response to my post, several credit union industry players reached out to ask how many cannabis-friendly credit unions are currently handling marijuana-related accounts.

Who’s Holding All That Cannabis Money?

Recent reports indicate that legal marijuana sales reached $9.7 billion across the seven states where recreational marijuana was legal and Canada in 2017. That number does not include California, which is projected to hit $3.7 billion in legal cannabis sales by the end of 2018, and $5.1 billion in 2019. Overall, despite continued federal prohibition here in the U.S., North American legal cannabis sales are expected to hit $24.5 billion by 2021.

 

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