Illinois knows how crucial banking is for the cannabis industry and has taken steps to help. The Illinois Cannabis Regulation and Tax Act protects state-chartered banks and credit unions from penalties if they serve cannabis-related businesses. This legal protection is a game-changer, giving financial institutions the confidence to work with CRBs.
The state has also introduced the Community Invest – Cannabis Banking Services Program through the Illinois State Treasurer’s Office. This program offers financial institutions access to lower-cost state impact investment capital, incentivizing them to serve cannabis businesses. The goal? Move the industry away from cash-only operations and toward a fully banked, transparent system.
Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in IL | Type of Financial Institution |
---|---|
Aegis Credit Union | Credit Union |
Amalgamated Bank | Bank |
BMO Bank | Bank |
Chase (CBD Only) | Bank |
Credit Union 1 | Credit Union |
First National Bank of Pasco | Bank |
Green Check | FINTECH |
Herring Bank | Bank |
Needham Bank | Bank |
Safe Harbor Financial | FINTECH |
Salal Credit Union | Credit Union |
Shore United Bank | Bank |
WestTown Bank & Trust | Bank |
This program is designed to make banking accessible for CRBs. With it, businesses can:
By integrating these businesses into the banking system, Illinois is working to reduce risks like theft and tax evasion, which are common in cash-heavy operations.
Because traditional banks and credit unions are cautious, some CRBs are turning to specialized financial service providers. These companies are built to serve high-risk industries like cannabis and offer tailored services that address the industry’s unique needs.
Since banking restrictions limit traditional payment methods, CRBs have had to get creative with payment processing. While some dispensaries operate on a cash-only basis, others are adopting solutions like: