Oregon Cannabis Banking

Any real business in the world relies on banking to process customer payments, handle payroll, and stay compliant with regulations. Cannabis, despite being shrouded in misconceptions and wrongfully stigmatized, is no different from any other legitimate business.

Yet, dispensaries, cultivators, processors, testing labs, and other cannabis related businesses (CRBs) still struggle to access traditional financial services, even in states like Oregon where marijuana has long been legalized.

Federal banking restrictions and state-specific compliance hurdles lead many Oregon businesses to operate in cash instead, and this brings risks and challenges of its own.

Managing payroll, vendor payments, and tax obligations is impossible without reliable cannabis banking in Oregon. While you don’t have too many options, there are a few. Solvent is here to help.

Our compliant payment processing solutions help Oregon cannabis businesses stay secure and efficient. You gain access to high-quality payment hardware, compliance tracking, and 24/7 support to simplify your financial operations. Learn more today!

Historical and Current Regulations for Oregon Cannabis Banking

Oregon has been leading the charge on cannabis legalization for decades, as the first to decriminalize marijuana back in 1973. Medical marijuana was later legalized in 1998, and Measure 91 was passed in 2014 to allow for recreational cannabis sales.

Unfortunately, though, even an early adopter like Oregon has not been immune to the challenges of securing reliable cannabis banking. This is because most financial institutions are federal charters, and cannabis is still federally illegal.

These national banks remain hesitant to provide services to Oregon cannabis companies because of federal anti-money laundering laws and the Bank Secrecy Act (BSA). They’ve determined the risks aren’t worth it.

Here’s a quick overview of some of the challenges holding back Oregon cannabis banking from operating as seamlessly as banking in other industries:

Federal Classification: Cannabis is still a Schedule I controlled substance so major banks avoid the industry altogether.
Strict Financial Regulations: Banks need to comply with FinCEN guidelines. This involves filing Suspicious Activity Reports (SARs) and enhanced due diligence for CRBs.
High Fees and Limited Services: When you finally do gain access to cannabis banking in Oregon, expect to be met with higher costs and restrictions. It’s still tough for CRBs to get loans, accept digital payments, and access other traditional banking benefits.

The good news is the tide is turning, and there are some banks you can trust for Oregon cannabis banking. These state-chartered banks, credit unions, and fintech providers below are your best bet.

Which Banks Can You Trust for Cannabis Banking in Oregon?

Options are few and far between for cannabis banking across all states, and Oregon is no exception. However, this state does have more banks willing to do business with CRBs than most other states:

Amalgamated Bank: Offers business accounts and financial services for legal cannabis operations.
Bank Central Willamette Credit Union: Provides cannabis-friendly banking solutions, including business checking and savings accounts.
Chase (CBD Only): Limited banking services available for hemp and CBD-related businesses.
First Citizens Bank: Supports cannabis businesses with commercial accounts and compliance-focused financial solutions.
Herring Bank: Specializes in serving high-risk industries, including cannabis banking.
Maps Credit Union: Offers dedicated cannabis banking in Oregon, including deposit accounts and payment processing.
Safe Harbor Financial: Provides banking infrastructure designed for cannabis businesses.
Salal Credit Union: A long-time supporter of cannabis banking that offers tailored financial services to the industry.
Twin City Bank: Works with cannabis businesses to provide secure banking options.
Wauna Credit Union: Offers banking solutions for Oregon cannabis companies, with a focus on compliance and transparency.

Just be aware that each of these institutions has its own account requirements, fee structures, and service offerings. You’ll need to weigh your options carefully to choose a provider of Oregon cannabis banking that best meets your needs.

Choosing the Right Provider for Cannabis Business Banking in Oregon

There are so many moving pieces in the cannabis banking business, and it’s easy to get overwhelmed trying to narrow down your options. Here’s what you should keep in mind:

Compliance Comes First

Any bank you work with needs to follow Oregon Liquor and Cannabis Commission (OLCC) regulations and align with FinCEN guidance for cannabis banking. This is a non-negotiable.

Enhanced due diligence (EDD), transaction monitoring, and regulatory reporting to keep your business in good standing are all things to ask a potential partner about.

Full-Service Banking Solutions

Sure, you need to set up a checking account so you can process payments. But you probably need a lot more than just the basics to streamline and grow your business. That includes:

ACH and wire transfers for vendor payments.
Payroll processing and employee direct deposits
Business loans and credit options for expansion.
Cash handling services to reduce security risks and stress.
Electronic tax payments to simplify operations.
Investment options to make the most of capital.
Personalized financial advice to help grow your company.

Take your time evaluating all the different services you gain access to for cannabis business banking in Oregon and choose accordingly.

Fee Assessment

We mentioned earlier that cannabis banks in general, tend to be more expensive, but some will offer better value than others. Compare fees in consideration with the services you gain access to rather than looking at cost in isolation. Make sure pricing is transparent and clear upfront.

Customer Support and Industry Knowledge

Your Oregon cannabis banking provider can be a powerful ally in keeping you compliant and helping you fuel business growth. You should have access to the help of dedicated cannabis banking specialists who understand industry regulations.

This industry can be complex, so 24/7 customer support is essential to address financial concerns promptly and prevent downtime that costs you money and your reputation.

How Solvent Supports Payment Processing and Compliance to Keep Your Business Running Smooth

Solvent is here to provide seamless cannabis payment processing solutions and compliance tools to keep your business in good standing so you have no trouble accessing and utilizing financial services like banking. Here are some of the features you gain access to:

PIN Debit Processing: Accept card-based payments securely and minimize cash dependency.
Advanced Compliance Tools: Built-in tracking and monitoring help keep your business audit-ready so you never have to stress about surprise visits.
Reliable Payment Hardware: No need to stress about cheap devices. We only use high-performance equipment built for heavy transaction volumes.
Real-Time Financial Reporting: Access detailed payment data through an intuitive dashboard to make more informed financial decisions.
Fast Settlement Times: Payments are processed quickly so cash flow bottlenecks don’t hold you back from paying vendors, processing payroll, or fueling growth.
Live 24/7 Support: Expert guidance is on standby to resolve issues immediately.

Cannabis businesses in Oregon can rely on Solvent to confidently manage transactions without the financial roadblocks of traditional banking.

We’re trusted from coast to coast and serve neighboring states as well, including cannabis banking California, cannabis banking in Washington, and even Nevada cannabis banking.

So, take the hassle out of cannabis payments and set yourself up for a secure, compliant Oregon cannabis banking solution tailored to your business today.

Frequently Asked Questions

Do Banks Do Business With Dispensaries?

Yes, but only state-chartered banks and credit unions that comply with cannabis banking regulations. National banks generally avoid dispensaries since they have to adhere more closely to federal regulations.

What About Other Oregon Cannabis Businesses?

Yep, even cultivators, processors, testing labs, and distributors can secure banking services through the various institutions that support cannabis banking in Oregon.

Does Chase Do Cannabis Banking?

Not really. Hemp and CBD-related companies can gain access to limited services, but most other businesses will need to go with a different bank.

What is the Banking Act for Cannabis?

The SAFE Banking Act protects financial institutions that work with cannabis businesses, but it hasn’t passed yet. Cannabis banking in Oregon is still governed by FinCEN guidelines and state-level regulations.

Can I Get a Loan for My Cannabis Business in Oregon?

It’s hard to get a traditional loan through a bank for a cannabis business. Private lenders and cannabis-specific financial institutions offer funding options in some cases, though.

How Do I Leverage the Solvent Solution?

Getting started with Solvent is quick and easy. Simply contact our team to discuss your company’s needs and learn more about what we can do for you.

Then, we’ll get you set up with secure payment processing and compliance tools so you can start managing transactions with confidence, backed by industry-leading support. Take control of your cannabis finances today!