Help is on the way for cannabis business owners. The Pew Trust reports there are more marijuana companies opening bank accounts. They point to a recent U.S. Treasury analysis showing there are now 296 banks and 94 credit unions that will handle accounts for cannabis companies.
“We’re definitely seeing more businesses in the industry getting banked every day,” National Cannabis Industry Association executive director Aaron Smith told the Pew Trust.
Banks were technically allowed to start handling cannabis accounts in February 2014, but few of them chose to do so. Marijuana banking was allowed under a set of Obama-era Treasury Department guidelines.