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Maryland Cannabis Banking

From dispensaries and cultivators to manufacturers and delivery services, cannabis businesses in Maryland need reliable banking. Yet, you’ve probably seen firsthand what an uphill battle securing Maryland cannabis banking can be.

Federal law still creates major obstacles that prevent most national banks from servicing the industry, even though the state has legalized both medical and adult-use cannabis. This forces businesses to operate in a high-risk environment with limited access to essential financial tools.

Cash-only operations leave your business vulnerable to theft, complicate payroll and vendor payments, and make tax compliance more difficult. 

There’s so much unnecessary friction preventing your company from growing without access to checking accounts, electronic payment processing, or transparent recordkeeping systems. The good news is you can count on a few providers for cannabis banking in Maryland.

Here at Solvent we provide cannabis credit card processing and compliance solutions so you can gain access to the typical banking services other businesses are able to benefit from. 

Get in touch today to see how we can help keep your business secure, legal, and efficient to fuel growth. We’ll cover everything you need to know about cannabis banking in Maryland below.

The Outlook for Maryland Cannabis Banking in 2025

Maryland launched adult-use cannabis sales in July 2023, expanding opportunities for licensed businesses across the supply chain. Oversight currently rests on the Maryland Cannabis Administration (MCA), which regulates everything from licensing to compliance and financial reporting.

The state is among the most progressive for cannabis legalization and regulation, yet, it faces the same challenges even pioneering states deal with, like California and Colorado. This is because the federal government still looks at marijuana as a controlled substance.

National banks are hesitant or downright unwilling to work with any cannabis-related businesses (CRBs) because it could land them in trouble with the federal government. The risk isn’t worth it in their view.

Hopefully, this won’t be a permanent issue. The SAFE Banking Act is a federal banking reform being pushed right now, but it’s been met with plenty of resistance.

In the meantime, CRBs need to partner with either state-chartered banks or credit unions to secure dependable banking services. Even in these cases your company will need to go above and beyond to implement proper compliance frameworks, including enhanced due diligence, transaction monitoring, and reporting. 

What Banks Are Cannabis Friendly in Maryland?

Maryland CRBs are fortunate to have more options at their disposal for banking services than many other states. Several state-chartered financial institutions have stepped up to provide Maryland cannabis banking services, including:

  • First Citizens Bank: Offers business checking accounts and cash management tools for cannabis businesses trying to maintain compliance with federal reporting standards.

  • Needham Bank: Based in Massachusetts but expanding regionally to provide tailored digital banking and merchant support for cannabis businesses in Maryland.

  • Nymeo Federal Credit Union: Serves local cannabis operators with small business accounts and personalized service. Their credit union model offers more flexibility for CRBs in Maryland.

  • Herring Bank: Known for its deep experience in high-risk sectors. Herring Bank supports cannabis clients with transaction monitoring, secure deposits, and account management.

  • Safe Harbor Financial: A national fintech firm specializing in cannabis banking infrastructure. One of the best partners you can have for offer end-to-end compliance, payment processing, and advisory support.

  • Shore United Bank: This regional bank delivers basic business banking options to Maryland cannabis companies, such as ACH transfers, bill pay, and payroll services.

You should take the time to do your due diligence into which option for cannabis banking Maryland has to offer makes the most sense for your CRB. We’ll share some tips below. 

Choosing Your Maryland Cannabis Banking Provider

They say beggars can’t be choosers, but that doesn’t mean you should settle for just any Maryland cannabis banking provider. They need to offer the full suite of financial services you need without costing you an arm and a leg. Here are some things to consider:

Proven Cannabis Banking Experience

Look for institutions that already serve cannabis clients and have well-defined compliance protocols in place. Experience matters when dealing with regulatory scrutiny and cash-heavy operations. This will provide peace of mind knowing you have the right partner behind you.

Transparent Fee Structures

Many cannabis-friendly institutions charge higher fees due to the complexity of serving CRBs. But some are more affordable than others. Make sure your provider offers clear pricing, including monthly fees, deposit limits, and transaction costs, with no hidden terms.

 

Compliance Capabilities

Your provider should assist with transaction monitoring, recordkeeping, and Suspicious Activity Reports (SARs). This is key to keeping your license with the Maryland Cannabis Administration. This is something we can help with here at Solvent through our array of solutions.

Essential Financial Services

You don’t just need a checking account - you probably need an array of services to maximize productivity, security, and compliance in your business. That means you may need:

  • Digital banking and mobile access

  • ACH and wire transfers

  • Payroll processing

  • Cash handling and armored courier services

  • Investment options

  • Employee accounts

  • Financing 

  • Financial advice

Weigh your options and see which bank provides the most comprehensive solution at the most attractive cost. Don’t forget to account for customer service, though.

Responsive Customer Support

Delays in accessing funds or resolving account issues can disrupt your operations. Choose a provider with dedicated support for cannabis clients and a strong reputation for reliability.

How Solvent Supports Maryland Cannabis Businesses With Payment Processing and Compliance

Solvent helps Maryland cannabis businesses overcome financial bottlenecks by delivering payment processing and compliance tools tailored to the challenges faced in this industry. 

We can help you stay compliant with your bank so you never have to worry about losing access to essential services or getting your accounts frozen. Here are just a few of the solutions we deliver:

  • PIN Debit Payment Processing: Accept card-based payments with systems built for cannabis. Fully compliant with federal and state regulations.

  • Secure Payment Terminals: High-quality, tamper-resistant devices - no cut-rate card readers or unstable hardware.

  • Compliance-First Infrastructure: From seed-to-sale tracking integration to Suspicious Activity Reports, Solvent helps you meet your obligations with confidence.

  • Real-Time Reporting Tools: Track sales, fees, and deposits through a secure portal that’s accessible anytime, anywhere.

  • Fast Settlement Times: Funds are deposited into your account in two business days or less, helping you manage cash flow with ease.

  • Dedicated Support: Our U.S.-based team is available 24/7 to help troubleshoot issues and keep your systems running smoothly.

We also support all the states you share a border with if you have a multi-state operation, including Virginia cannabis banking, Delaware cannabis banking, Pennsylvania cannabis banking, and everywhere in between.

But whether you’re scaling new locations or just getting your business off the ground, Solvent can help you maintain operational control without compromising compliance. Get in touch today to streamline your payment systems!

Frequently Asked Questions

Can I Get a Loan for My Business?

Cannabis loans are hard to come by through traditional banks, but some state-chartered institutions and private lenders may offer equipment financing or short-term working capital. Solvent does not currently provide loans, but we may be able to help connect you with lenders that understand the cannabis space.

What is the Cannabis Assistance Fund in Maryland?

Speaking of loans, the Cannabis Business Assistance Fund provides financial support and grants to social equity applicants entering Maryland’s cannabis market. It covers startup costs like licensing, training, and equipment and it’s managed by the Department of Commerce.

What Types of Businesses Does Solvent Serve?

Solvent works with licensed dispensaries, cultivators, manufacturers, delivery providers, and cannabis-adjacent service businesses. Any CRB that needs help maintaining compliance and streamlining payments can trust our solutions.

How Do I Get Started?

It all starts with a conversation. Reach out to your team for a short discovery call and then verify your license and business structure to ensure eligibility. 

Then, you can integrate our hardware and software into your point-of-sale system. To start accepting secure, compliant payments with full reporting and support. Take the complexity out of Maryland cannabis banking. Partner with Solvent and simplify your financial operations today!

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