Delaware Cannabis Banking

Nobody said operating a cannabis related business (CRB) in Delaware would be easy - but it certainly comes with roadblocks you might not have expected, like something as simple as getting access to reliable banking services.

Traditional banks won’t work with CRBs because of federal regulations, leaving you to manage large volumes of cash. That comes with its own headaches and risks, and can even land you in compliance trouble.

The good news is the tide is turning and you have a few options for Delaware cannabis banking. We’ve put together this resource to help you weigh your options and take back control of your company’s financials.

Here at Solvent we provide cannabis payment processing and compliance solutions to help you meet the strict standards banks will place on your business. You can operate with complete clarity, streamline operations, and maintain compliance with state and federal regulations.

Get in touch to take the next step, or learn more about cannabis banking in Delaware below.

What Does the Delaware Cannabis Industry Look Like Today?

Delaware has come a long way from where it once stood on cannabis. It just legalized adult-use recreational marijuana in 2023, which built upon its existing medical marijuana program established in 2011.

The Delaware Office of the Marijuana Commissioner (OMC) oversees the licensing and regulation of cannabis businesses, including cultivators, manufacturers, retailers, and testing laboratories.

All this progress in Delaware, and across the country for that matter, still hasn’t changed the fact that marijuana is federally illegal. This creates challenges for banking in particular because cannabis is a Schedule I substance, and banks are not willing to take on the risk that comes from working with CRBs.

But, that doesn’t mean you should operate in cash only. So many dispensaries feel this is their only option, and it exposes them to legal and compliance issues along with the risk of theft. There are a few worthy candidates for Delaware cannabis banking.

What are Your Options for Delaware Cannabis Banking?

While traditional banks like Chase or Wells Fargo etc. may be unwilling to work with CRBs, there are a few state-chartered institutions in Delaware that provide specialized services for the cannabis industry. These are your options for cannabis banking:

Herring Bank

Herring Bank provides a comprehensive suite of financial services for cannabis businesses, including checking and savings accounts, online banking, and cash management solutions.

You also gain access to compliance support, and Herring Bank can connect you with armored courier services to handle cash deposits securely. This is a common source of stress for dispensaries in particular.

Safe Harbor Financial

Safe Harbor Financial offers compliant banking solutions for CRBs of all types across Delaware, with services such as FDIC-insured deposit accounts, electronic tax payments, cash management, and financing options.

They also offer a Cannabis Banking Solutions™ Platform for integrated financial management. This is one of the most trusted choices for Delaware cannabis banking and across the country for that matter.

Shore United Bank

Shore United Bank’s banking services support hemp and CBD companies, laboratories, and many other CRBs. The bank does the basics really well: business checking accounts, online banking, cash handling services, and risk-based monitoring.

But, Shore United Bank also provides financial solutions for multi-state operations and offers interest-bearing account options. You can’t go wrong with one of these three solutions, but which is the right choice for you?

Choosing the Right Provider for Your CRB’s Needs

There’s a lot that goes into picking the ideal partner for your Delaware cannabis banking needs. It’s not as simple as weighing fees and choosing the solution that’s cheapest. This is a massive decision for the financial health of your company. Here’s what you should consider.

Compliance Expertise

The institution must have a deep understanding of cannabis regulations and offer services that help you stay compliant with state and federal laws. This is something we can assist with here at Solvent, as we’ll explain in a moment.

Financial Services Offered

You need more than just standard checking and savings accounts. Look for a provider that offers comprehensive financial services, including cash management, electronic payments, and financing options tailored to the cannabis industry.

Security Measures

Given the fact that so many of your customers prefer to pay with cash, you need a banking partner that offers secure cash handling solutions, such as armored courier services and secure deposit options. This gives you peace of mind by greatly lowering your risk.

Technology Integration

Some of these institutions go above and beyond to provide robust online and mobile banking platforms. This supports real-time account access, transaction monitoring, and financial reporting. It also makes compliance a lot less stressful.

Customer Support

Choose a banking partner that offers dedicated customer support with experience in the cannabis sector to address any issues promptly and effectively.

You’ll inevitably run into an issue, and you want a partner you can trust to be there for you at a moment’s notice to make things right. But no matter who you go with for Delaware cannabis banking, streamline the financial and compliance side of your business with Solvent.

How Solvent Supports Delaware Cannabis Banking

While we’re not a bank, we do empower you with the solutions you need to access reliable banking services and stay compliant with both state and federal regulations.

It starts with our specialized payment processing systems, but we’ve created an arsenal of solutions to make your life easier as a CRB operator. These include:

Compliant Payment Processing: You get secure, transparent payment solutions like PIN debit transactions to reduce reliance on cash and enhance customer convenience.
Compliance Monitoring: The platform features tools to track transactions, monitor for suspicious activity, and maintain the necessary records for regulatory compliance.
Real-Time Reporting: You’ll benefit from real-time access to transaction data, facilitating financial oversight and simplifying tax reporting. Plus, customer payments hit your account in two business days or less so you can scale fast.
Dedicated Support: Our team of experts provides ongoing support around the clock (yes, actually 24/7) to help keep your business compliant and operating smoothly.

Other benefits of the Solvent solution include diverse payment options (in-store, curbside, or delivery), increased employee tips, low fees, and a whole lot more.

Beyond Delaware cannabis banking we support neighboring states as well, ranging from New Jersey cannabis banking to Pennsylvania cannabis banking, Maryland cannabis banking, and all across the US.

Partnering with Solvent takes the weight of payment processing and compliance off your shoulders so you can start operating like any other business would - efficiently and safely. Take the next step by connecting with our experts today!

Frequently Asked Questions

What is the banking act for cannabis?

The Secure and Fair Enforcement (SAFE) Banking Act is proposed federal legislation that would, in theory, protect financial institutions that offer services to cannabis-related businesses operating legally under state laws. It’s still in a stalemate, though.

Why can’t cannabis companies use banks in the traditional sense?

Cannabis remains a Schedule I substance federally, so any banks that operate through federal charters are hesitant to provide services to CRBs for fear of violating federal laws, including anti-money laundering regulations. The risk is too high for them.

How do cannabis companies get loans?

Traditional loans aren’t an option, as with most things related to Delaware cannabis banking. Fortunately, some financial institutions and specialized lenders offer financing options to CRBs. These may include equipment financing, real estate loans, and working capital loans - but they come with stringent compliance requirements and usually higher interest rates.

What now?

Get the support you need to navigate the financial challenges of operating a cannabis business in Delaware here at Solvent. We can provide the tools necessary for compliant and efficient financial operations, so get in touch now!