Missouri Cannabis Banking

Cannabis businesses across Missouri face a constant struggle: reliable banking. Even though they’ve taken the steps to become a legitimate business, they still can’t get banks to help them open an account since cannabis remains federally illegal.

As a result, operators have no choice but to run on cash alone - exposing them to theft, complicating payroll, and increasing compliance exposure. Account closures happen with little warning. The stress of cash-only operations stalls growth and puts you under scrutiny.

The good news, though, is your search for dependable Missouri cannabis banking ends today. We’ll help you choose the ideal partner for your business and show you how the Solvent cannabis credit card processing works to keep you compliant while streamlining financial oversight. Start operating just like any other business through our solution today!

Overview of Missouri Cannabis Banking Today

Missouri legalized medical cannabis via ballot initiative in 2018, and retail sales followed soon after in 2020. Just a few years back in 2022, voters passed Amendment 3 - which legalized adult‑use cannabis and allowed dispensaries to open their doors by February 2023.

The Missouri cannabis industry is booming. Municipalities can now add a 3% local sales tax, so the effects of dispensary sales are already making a positive impact on communities. Yet, there’s one issue that remains prevalent across the Show Me state: cannabis banking.

Even with the 2018 Farm Bill passing, legalizing hemp nationwide, marijuana remains a Schedule I substance - it’s federally illegal. That forces banks to comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) mandates when serving CRBs.

A high volume of cash deposits triggers increased scrutiny, regulatory filings, and SARs. This is a nightmare logistically, so most banks still refuse to partner with companies in this industry. 

Many national or regional banks have chosen to opt out or impose steep fees and extensive documentation requirements that make it almost impossible for small CRBs to open an account. So, these businesses choose to operate largely in cash. We don’t have to remind you how risky this is. 

But, businesses that do manage to get onboarded by a bank are then subject to meticulous compliance programs, regular audits, and transactional limits. Fortunately, Solvent helps bridge this gap, providing CRBs with the toolkit they need to stay compliant. More on that later on. First, let’s look at which banks in Missouri support CRBs.

What Banks Are Cannabis Friendly in Missouri?

There are only a few options for Missouri cannabis banking, but that’s actually a good thing. It makes it much easier to narrow it down to the right fit for your company. 

Bison State Bank

Bison State Bank has a white-glove cannabis banking program designed specifically for Missouri operators. They offer streamlined account onboarding, dedicated account managers familiar with cannabis regulations, and personalized support. 

The fast setup and tailored customer service for dispensaries and growers make this one of the top choices for cannabis banking Missouri operators have access to. 

Focus Bank

Focus Bank may be smaller, but it serves Missouri cannabis clients well through its community banking model. You gain access to restricted business checking, cash handling support, and compliance documentation review. 

Herring Bank

Herring Bank delivers flat-rate cannabis banking services in Missouri and nationwide. They provide tailored checking and savings accounts, online banking with 24/7 access, electronic tax payment tools, FDIC-insured deposit accounts, ACH and wire transfers, direct deposit payroll, cash pick-up/delivery solutions, and advisory support for cannabis businesses. Everything you need to do business just like any other legitimate company.

Safe Harbor Financial

Safe Harbor Financial is a leading cannabis financial services firm. It has processed over $25 billion in cannabis funds, so you can partner with this Missouri cannabis banking provider with peace of mind. 

CRBs get checking and savings accounts, treasury management, loans (subject to eligibility), online/mobile access, electronic tax payments, cash flow support, payroll tools, and employee banking options, all structured around Missouri’s cannabis laws since 2015.

Key Criteria for Choosing a Missouri Cannabis Banking Partner

Which of these cannabis banking Missouri providers best suits your company’s needs? Only you can answer that with the specifics of your operation in mind - but here are some things to consider as you weigh your options.

Account Access and Deposit Services

The bank must offer both business checking and savings accounts that support high-volume cash handling. Businesses need reliable deposit routines and clear thresholds before hitting compliance alerts.

Payment Tools and Payroll Infrastructure

CRBs need debit cards and checks to handle vendor payments and become less cash-dependent. Similarly, ACH and wires are essential for tax payments, vendor invoices, and inter-branch transfers.

Digital Access and Reporting Features

Choose a bank with web-based and mobile platforms for real-time balance tracking, fund transfers, and transaction histories. Reporting dashboards with downloadable data are crucial for tax preparation and internal reconciliations.

Cash Management and Security Logistics

High-volume dispensaries need cash pickup and armored transport. Many of the Missouri cannabis banking providers we listed above provide or partner with compliant cash logistics providers. Some even offer tools for monitoring cash inflow and alerting on large or irregular deposits.

Fees and Cost Transparency

There’s no way around it. Missouri banks that partner with CRBs are going to charge more because of the increased due diligence requirements on their end, along with the extra risk of doing business with you.

But, that doesn’t mean you shouldn’t get transparent fees. Avoid vendors who hide rate increases or impose penalties for high volume. Review all fee schedules before onboarding.

Dedicated Relationship and Industry Support

Perhaps most importantly, you need an institution with dedicated CRB support teams and bankers who understand Amendment 3, the regulatory environment, and Missouri’s compliance ecosystem.

Onboarding and issue resolution should be handled by specialists rather than generalists. Banks familiar with Missouri-based operators have fewer onboarding hiccups, meaning faster approvals and fewer surprises during audits.

Stay Compliant and Accept Payments Effortlessly Through the Solvent System

Solvent is not a bank - but you’ll probably be unable to access Missouri cannabis banking without our support. The toolkit we’ve developed empowers Missouri CRBs to process payments and stay compliant, bridging the gap between your business and a bank.

Solvent enhances your operational flow with state-specific compliance checks. That includes seed-to-sale transaction monitoring, dynamic oversight of cash deposits, and audit logs built into your dashboard. No need for disjointed spreadsheets or external compliance consultants.

We also support compliant debit payment processing for storefront, curbside, and delivery operations with fast funds settlement and clear fee structures. Customers see your brand at checkout so there’s more trust baked into their experience. Plus, funds arrive in just a few business days, and your reporting front-and-center in one interface. 

Every account includes live support. Should a deposit be flagged, an alert triggers our team, who help you resolve it before it jeopardizes your banking relationship. We help you meet BSA/AML checkpoints and state CPA requests without juggling multiple support channels.

We’re not just an essential service for Missouri cannabis banking, but also for Illinois cannabis banking, cannabis banking Oklahoma, and more. Wherever you operate, count on Solvent to keep you compliant and efficient! 

Frequently asked questions

Can banks accept cannabis money?

Only a select few banks and credit unions do. They have to follow strict federal guidelines under the Bank Secrecy Act and file regular reports on cannabis-related activity. This is why there are so few cannabis banking Missouri options.

What is the Banking Act for cannabis?

The SAFE Banking Act is proposed federal legislation that would protect banks working with legal cannabis businesses. It sounds promising, but still hasn’t passed - which is why your choices for Missouri cannabis banking are so slim.

Is Solvent just for dispensaries?

Nope! We support growers, manufacturers, delivery services, and multi-license operators. Any licensed CRB looking for secure, compliant financial tools can trust Solvent to deliver.

Are loans part of the Solvent solution?

We don’t issue loans. We are a compliance and payment processing solution. That said, we may be able to connect you with a financier based on our deep industry connections. Get started using the Solvent solution for your business, and then ask us about loans!

What cities does Solvent serve in Missouri?

We support cannabis businesses statewide, including Kansas City, St. Louis, Columbia, Springfield, and smaller municipalities with licensed CRBs.

How can I get started leveraging Solvent’s tools today?

Just reach out. We’ll walk you through setup, confirm your license, and help you configure your Solvent dashboard to match your operations. You’ll wish you’d started sooner when it’s all said and done. Put the stress of Missouri cannabis banking in the past today!