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Ohio Cannabis Banking

Running a cannabis business in Ohio means managing complex operations under tight regulatory oversight. Whether you’re a dispensary, grower, manufacturer, or delivery licensee, one thing is certain: you need secure, compliant banking.

Actually securing Ohio cannabis banking isn’t easy, though. Traditional financial institutions still view cannabis as too risky, leaving businesses with limited and often unreliable options.

Operating in cash alone isn’t a good workaround, as this leaves you vulnerable to theft and other compliance concerns. You need reliable cannabis banking in Ohio to overcome tax complications, too.

Solvent is here to help you navigate all this with tips on choosing the right cannabis banking provider, and more importantly, show you how you can use our marijuana payment processing solution to unlock safe, efficient financial operations.

Our service helps you streamline transactions while remaining in good standing with your bank from a compliance perspective. Get in touch today to learn more!

The Current State of Ohio Cannabis and Banking 

Ohio legalized medicinal marijuana almost a decade ago, with licensed dispensaries first opening their doors in 2019. This first step was built upon when voters approved Issue 2 in 2023, legalizing recreational cannabis and setting the stage for a dual-market system.

The program is regulated by the Ohio Division of Cannabis Control (DCC) under the Department of Commerce. Yet, federal law hasn’t changed - cannabis is still considered a Schedule I controlled substance.

This creates hurdles for cannabis related businesses (CRBs) in Ohio trying to gain access to secure, reliable banking. Most federally chartered banks won’t do business with you for fear of noncompliance with the Bank Secrecy Act (BSA) and other federal regulations tied to anti-money laundering (AML) enforcement.

So, there are just a few state-chartered credit unions, community banks, and fintech providers willing to serve the industry. Even still, you’ll have to deal with enhanced due diligence, file Suspicious Activity Reports (SARs), and monitor every transaction for potential regulatory flags.

But nobody said opening a dispensary or starting your farm was going to be easy. The red tape you’re all too familiar with comes with the gig. The good news is there are some great options for cannabis banking in Ohio.

Who Can You Trust for Cannabis Banking in Ohio?

Ohio CRBs have five dependable banking providers to consider, each with its own specific fees, services, and considerations. Take your time to weigh your options and partner with an Ohio cannabis banking provider that meets your needs:

Community Choice Credit Union

Community Choice serves CRBs across the Midwest, offering business accounts, deposit services, and compliance monitoring tailored to licensed cannabis operators. They’ve built a track record of working with CRBs and maintaining strong internal controls.

Element Federal Credit Union

Element FCU is based in West Virginia but active in Ohio. It provides checking, cash deposit services, and account support to medical and adult-use operators. Their narrow focus makes them a strong option for emerging CRBs.

Needham Bank

This East Coast institution has expanded cannabis banking into multiple legal states, including Ohio. They offer merchant services, ACH transfers, and digital banking tools, making them ideal for mid- to large-sized operators with multiple locations.

Safe Harbor Financial

Safe Harbor works through partner banks to offer end-to-end cannabis banking infrastructure, including compliance software, account setup, and reporting tools. Their model helps fill the gaps left by traditional banks, making this a compelling choice for Ohio cannabis banking.

Wright-Patt Credit Union

Wright-Patt is one of Ohio’s largest credit unions, and has expressed openness to working with the cannabis industry. You may get limited financial services depending on your location and licensing status, but we put these guys last because they can be a bit hit or miss.

What to Look for in Vetting a Partner for Ohio Cannabis Banking

Choosing cannabis banking in Ohio isn’t as simple as picking the first institution willing to help you open an account. You need a financial partner who understands the law, manages risk proactively, and helps you stay aligned with the DCC’s evolving requirements. Consider these factors:

  • Regulatory Expertise: Your provider should have documented procedures for BSA/AML compliance and experience handling CRBs. Look for institutions that offer ongoing monitoring and audit preparation support.

  • Business Account Access: Dedicated business checking and savings accounts with online access, mobile tools, and deposit tracking are the baseline. 

  • Transparent Fee Structures: Cannabis banking costs more, but you should understand exactly what you’re paying for. Avoid providers that bury fees in fine print or apply fluctuating charges.

  • Cash Handling: Your bank should support armored cash pickups, smart safes, and in-brand/off-site cash deposit options to protect against cash vulnerabilities. 

  • Tech-Driven Reporting Tools: You’ll need downloadable records for reconciliation, tax reporting, and compliance audits. Your provider should offer a secure, easy-to-use portal for viewing transactions and tracking fees.

  • Responsive Customer Support: You can’t afford delays when issues arise. Choose a partner with dedicated cannabis support and a reputation for reliability.

There’s a lot to take into account in choosing your Ohio cannabis banking partner, but it’s worth the legwork upfront to streamline your operation in the long run - and more importantly, gain lasting peace of mind. 

How Solvent Streamlines Payment Processing and Compliance for Ohio CRBs

Solvent exists to simplify financial operations for cannabis businesses in Ohio and beyond. We know firsthand how hard it is to find transparent, compliant solutions that actually work - and we’re here to fix it. Here’s how:

  • Legal PIN Debit Processing: Say goodbye to risky workarounds, start accepting debit cards in-store, curbside, or at delivery, with full compliance and customer-facing transparency. Our hardware is PCI PA-DSS validated and built for the cannabis retail environment.

  • Customizable Compliance Infrastructure: Our platform includes state-specific regulatory tracking, seed-to-sale integration, SAR prep tools, and role-based user permissions. Whether you're preparing for an audit or responding to a flagged transaction, we’ve got you covered.

  • Smart Reporting & Fast Settlements: View real-time payment data, export Excel or PDF reports, and reconcile payments with confidence. Payments are settled in two business days or less, giving you faster access to your money.

  • Document Management & Background Checks: Upload and store all required licensing and tax documents in one place. Our system can also handle background checks and alerts, helping you meet vendor verification requirements.

  • Boosted Employee Tips & Better Customer Experience: Enable tip prompts at checkout to help your team earn more. Our terminals are sleek, intuitive, and branded with your dispensary’s name - no generic, confusing hardware here.

  • 24/7 Live US Support: Need help on a Sunday afternoon? We’re here. Our support team knows cannabis, and we’re available whenever you need us.

We also support neighboring states like Pennsylvania cannabis banking, Michigan cannabis banking, Virginia cannabis banking, and everywhere in between.

Get in touch today and we’ll connect you with the services traditional banks won’t offer so you can meet the demands those same banks expect. Partner with Solvent and take back control of your cannabis business finances!

 

Frequently Asked Questions

What is the Banking Act for Cannabis?

The SAFE Banking Act is a federal proposal that protects banks serving cannabis clients. It would let financial institutions legally offer services to CRBs without fear of federal penalties. The bill has not yet passed, though, so state-chartered institutions are really your only option.

Why Can’t Cannabis Companies Use Banks in Ohio?

Most national and federally chartered banks avoid CRBs because cannabis remains federally illegal. Serving a cannabis client could trigger BSA violations, audits, and legal consequences, so only state-chartered banks and credit unions step in as of now.

How Does Cannabis Banking Work in Ohio, Then?

Ohio cannabis banking is centered around specialized credit unions, community banks, and fintech platforms that operate under strict compliance programs. These institutions file SARs, conduct due diligence, and monitor activity continuously.

Does Solvent Have a Loan Program for CRBs?

No, Solvent does not issue loans. However, we partner with institutions and private lenders who may offer financing to qualified cannabis businesses. We’re happy to connect you if we think it might be a good fit.

Can Other Types of CRBs Besides Dispensaries Use Solvent?

Solvent supports cultivators, processors, distributors, testing labs, delivery licensees, and more. We can help you run payments compliantly if you’re licensed and legal in Ohio.

What are the Next Steps?

Reach out to schedule a discovery call. We’ll review your license, discuss your payment needs, and get you up and running with hardware, reporting tools, and ongoing support. You’ll be accepting legal payments in days! Reach out now and let’s get started.

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