WASHINGTON—The number of banking institutions that are actively servicing accounts for marijuana businesses has grown by nearly 20% since the beginning of the year, according to newly released federal data.
As of the end of September, there were 375 banks and 111 credit unions maintaining financial services for cannabis businesses, according to a report published by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
“It is the latest in a series of quarterly updates the agency has issued, which together have shown steady growth in the number of financial services providers that are willing to work with the cannabis industry despite its continued federal illegality,” Marijuana Moment reported.
The new data comes as support at the federal level for reform of marijuana continues to increase at the same time voters in more states are approving the use of marijuana. During midterm elections, Michigan voters approved marijuana legalization and those in Missouri and Utah passed medical cannabis measures, Marijuana Moment stated.