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Colorado Cannabis Banking

Whether you operate a dispensary, cultivation facility, extraction lab, manufacturing plant, testing facility, or delivery service, there are so many nuanced challenges that come with the cannabis industry, even in a pioneering state like Colorado.

At the top of the list is managing finances securely and legally. Cannabis banking in Colorado can be a bit convoluted, as are most things in this industry. 

Cannabis-related businesses (CRBs) have to jump through hoops to access standard banking services due to federal restrictions. Day-to-day operations like payroll, vendor payments, and financial reporting are more complex than they need to be.

So many CRBs end up operating in cash without access to Colorado cannabis banking and this increases the risks of theft, fraud, and compliance issues. Strict record-keeping requirements, ongoing regulatory changes, and the evolving legal landscape only complicate things further.

Fortunately, your search for a secure, compliant cannabis banking solution in Colorado ends here. Solvent provides fully compliant cannabis payment processing and financial tools designed with your needs in mind.

You gain access to high-quality payment hardware, advanced compliance tracking, and industry-leading customer support to effortlessly and securely handle all transactions. Simplify your operation and enjoy peace of mind by partnering with the pros today!

Current Rules and Regulations for Cannabis Banking in Colorado

While both medical and recreational cannabis are fully legal here in Colorado, that isn’t enough to ease the fears and hesitations banks and credit unions have in working with CRBs from a federal legality perspective.

Regulatory Bodies Overseeing Cannabis Banking in Colorado

There are three different agencies playing a role in regulating Colorado cannabis banking, and you might already be familiar with some of them if you’ve struggled to secure financial services:

  • Colorado Department of Revenue  - Marijuana Enforcement Division (MED): Regulates all financial reporting and compliance requirements for cannabis businesses in the state.

  • Federal Financial Institutions Examination Council (FFIEC): Guides banking institutions on serving cannabis businesses while mitigating federal risk.

  • Financial Crimes Enforcement Network (FinCEN): Requires strict compliance measures like Suspicious Activity Reports (SARs) and Anti-Money Laundering (AML) programs for banks serving cannabis businesses.

Federal Cannabis Banking Challenges

The real problem with acquiring banking services for CRBs in Colorado can be traced back to discrepancies between state and federal law. 

Although the SAFE Banking Act has gained support, it hasn’t passed yet so cannabis businesses remain dependent on state-level financial institutions.

It’ll be interesting to see how the DEA’s pending decision on rescheduling cannabis impacts federal banking policies, but there’s no telling when that will occur. 

Colorado Cannabis Banking Updates for 2025

The cannabis industry is constantly evolving before our eyes, and with this comes new challenges and opportunities for CRBs. Some of the most noteworthy updates for 2025 and beyond include:

  • Biennial Licensing: Cannabis business licenses now follow a two-year renewal cycle instead of annual renewals to slash administrative burdens.

  • Social Equity Reforms: Eligibility for these programs has expanded. Residency requirements have been reduced while new qualifying criteria for applicants has been added.

  • RFID Tracking Phase-Out: Colorado is trying to get rid of RFID plant tracking by 2027, which might bring your operational costs down.

  • Retail Expansion: Cannabis retailers can now sell hemp products and infused food items, up to 20% of their annual revenue.

At any rate, you need access to reliable Colorado cannabis banking - so what options do you have?

What Banks are Cannabis Friendly in Colorado?

As said earlier, you’ll likely find yourself working with a state-chartered institution or credit union to get business accounts, payment solutions, and financial advisory services tailored to the nuances of this industry. There aren’t many great options, but there are a few:

  • Herring Bank: Specializes in cannabis banking with a strong focus on compliance and transaction monitoring.

  • Colorado Bank and Trust: Provides business accounts and secure financial solutions tailored to the cannabis industry.

  • Partner Colorado Credit Union: Offers cannabis banking services, including checking, payroll, and payment processing solutions.

  • Safe Harbor Financial: One of the largest cannabis financial institutions, known for comprehensive banking and compliance support.

Of course, gaining access to financial services even through these providers means providing strict documentation and meeting thorough compliance requirements. 

There’s a lot to consider as you move forward in securing cannabis banking in Colorado. We’ll share tips below to help you navigate the path forward. 

What to Consider in Choosing Colorado Cannabis Banking

Just as you’d weigh your options in picking any vendor or partner for your business, you need to do your due diligence in deciding whom you can trust for Colorado cannabis banking. This is what you need to take into consideration:

Compliance Expertise

Ideally the banking provider you partner with would have past experience working with CRBs. All the options listed above market their services specifically to the cannabis industry, so they’re a safe bet.

What matters most is the bank aligns with FinCEN guidelines and state laws. Otherwise, you could end up dealing with complications and legal trouble down the road.

Transparent Fee Structures

Unfortunately, you expect to pay higher fees for cannabis banking than you would for standard business banking for just about any other industry. This is because of the higher perceived risk these organizations take on to serve you.

That being said, you need to make sure all the costs of doing business with a bank are clear and upfront. You don’t want to get hit with surprise fees or deal with fluctuating pricing adding unpredictability to your financial management.

Take the time to compare monthly account fees, transaction fees, and deposit requirements before committing to any provider. Remember that the cheapest option isn’t always your best bet.

Range of Financial Services

You don’t just need a checking account, you probably need a range of other financial services to support your day-to-day operations as well. Some of these include:

  • Online banking with real-time reporting

  • Secure payment processing solutions

  • Cash management services (pick-up and secure deposits)

  • Employee payroll accounts with direct deposit options

  • Investment options

  • Wire services

  • Financial advisors

  • Financing and loans

See which Colorado cannabis bank provides the most comprehensive range of services so you aren’t forced to work with multiple vendors to fill in the gaps.

Strong Customer Support

We can’t stress enough the importance of support when it comes to cannabis banking in Colorado. The complex financial and regulatory requirements you’ll encounter make 24/7 support invaluable.

Work with a banking provider that understands the unique challenges of cannabis finance and provides tailored guidance. If you’re ready to take the next step, Solvent is here to help.

How Solvent Supports Cannabis Banking in Colorado

We know cannabis banking can be overwhelming, but it’s something we can simplify for you. Solvent offers secure, compliant payment processing solutions specifically designed for Colorado cannabis businesses.

We’re well aware of all the financial challenges you encounter and have tailored our service to ease those obstacles and help your business run smoothly. Here are some of the reasons Colorado CRBs trust us:

  • Legal & Compliant Processing: Solvent runs on authorized PIN debit networks, so transactions are 100% compliant with banking regulations. Never stress about your accounts getting frozen again!

  • Customizable Compliance Platform: Our system includes compliance logging, issue tracking, and seed-to-sale tracking capabilities so you can meet the standards that Colorado cannabis banks will place on you.

  • Secure Payment Processing: You gain access to high-quality payment hardware to process in-store, curbside, and delivery transactions seamlessly.

  • Fast Settlement Times: Payments reach your account in two business days or less, improving cash flow and helping you meet your own debt obligations or fuel growth.

  • 24/7 Live Support: Our US-based support team is available around the clock to help with any payment and compliance needs that pop up.

  • Advanced Reporting & Compliance Tools: Manage payments, track fees, and generate audit-ready reports in real time.

We’re not just the #1 choice for businesses struggling with Colorado cannabis banking, either. We serve all your neighbors, including New Mexico cannabis banking, cannabis banking Oklahoma, Utah cannabis banking, Arizona cannabis banking, and many other states!

Colorado cannabis banking doesn’t have to be stressful. Let’s work together to streamline your financial management and help you focus on other areas of the business. Get in touch today! 

Frequently Asked Questions

What are the Issues With Cannabis Banking?

Banks are wary of working with CRBs because of the federal restrictions and the implications that come with them. This means you’ll have a limited number of financial institutions to choose from, you’ll need to jump through more hoops, and you’ll face higher fees for basic services. Is it fair? Nope, but it’s the reality - at least for now.

How Does Cannabis Banking Work in Colorado?

Your only option right now is state-chartered banks and credit unions that comply with local regulations, which are few and far between. You’ll need to provide extensive documentation, including tax records and compliance reports, to open accounts.

Can All Colorado Cannabis Businesses Work With Solvent?

Yes! We’re already working with the state’s leading dispensaries, cultivators, manufacturers, distributors, and other cannabis businesses that meet state compliance requirements. We can’t wait to help you the same way we've helped these other businesses.

Does Solvent Offer Loans?

No, we specialize solely in payment processing and financial compliance support. We might be able to point you in the right direction, though!

How Do I Get Started?

It all starts with a conversation. Connect with Solvent today to schedule a consultation and find out how we can help you manage payments securely and compliantly, putting the stress of cannabis banking in the past for good!

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