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Vermont Cannabis Banking

Finding compliant cannabis banking in Vermont isn’t just inconvenient, it’s a constant operational headache. You can’t just walk into any credit union and open an account. Most national banks won’t touch CRBs, even if they’re fully licensed and state-compliant.

That leaves business owners juggling cash, fighting for transparency, and risking costly disruptions. The good news? You don’t have to navigate Vermont cannabis banking alone.

Solvent is the financial operations platform built for cannabis. We connect Vermont dispensaries, growers, manufacturers, and delivery services with the tools, partners, and infrastructure needed to manage money legally.

Our cannabis credit card processing and compliance solutions help you level the playing field and operate just like any other legitimate business. Get in touch today to learn how Solvent can streamline your day-to-day!

Current Challenges and Legislation for Cannabis Banking in Vermont

Vermont has made steady progress in its cannabis legislation over the past two decades since its medical program first went live in 2004. Adult-use legalization passed in 2018, with the first retail sales launching in October 2022.

Oversight here falls under the umbrella of the Vermont Cannabis Control Board (CCB), which enforces regulations around licensing, advertising, testing, and seed-to-sale tracking. 

But, federal law still classifies cannabis as a Schedule I controlled substance - even though the 2018 Farm Bill legalized hemp-derived cannabis products across all 50 states. This puts national banks and dispensaries in a pickle.

Vermont banks and credit unions must comply with federal regulations, specifically the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements. As such, they need systems to monitor every transaction and customer tied to a cannabis-related business (CRB).

That’s a tall task, and so most Vermont banks choose to avoid working with CRBs whatsoever. It’s not worth the risk and operational burden from their perspective. 

But that doesn't mean you should just operate in cash - this poses problems in its own right, from poor financial clarity to theft and compliance risks. Fortunately, you do have a few solid choices for Vermont cannabis banking. 

What are the Best Vermont Cannabis Banks?

You won’t be able to work with Wells Fargo, Chase, or any of the other big names in financial services. Most of your options for cannabis banking in Vermont are state-chartered financial institutions. Here are the top four:

ONE Credit Union

ONE Credit Union has been quietly serving cannabis businesses in Vermont for several years. They offer basic business banking, deposit services, and limited cash handling.

However, they require rigorous documentation and regular compliance updates. They’re known for working closely with local regulators and being conservative on account approvals. That’s why you’ll need to leverage the Solvent solution to work with ONE Credit Union.

Vermont Federal Credit Union

Vermont Federal doesn’t consider itself a “cannabis bank” or advertise its services specifically to CRBs - but they have worked with select licensed operators on a case-by-case basis. 

Services may include business checking and savings, debit cards, and online banking. Expect to provide significant documentation for account approval, including ownership disclosures and tax history, along with compliance documents.

Herring Bank

Herring Bank offers broader cannabis banking solutions in multiple states, including Vermont. Their services include secure merchant processing, ACH support, and account monitoring. 

They work directly with cannabis compliance platforms such as Solvent and may be a better fit for multi-location operators and vertically integrated businesses that would otherwise struggle to access Vermont cannabis banking.

Safe Harbor Financial

One of the nation’s most established cannabis banking service providers recently expanded access into Vermont. Safe Harbor Financial offers full-spectrum banking solutions for CRBs, including treasury management, seed-to-sale integration, and robust compliance reporting.

What Services Do You Need for Vermont Cannabis Banking?

Cannabis banking in Vermont isn’t as simple as seeing who will approve you and calling it a day. This is a big decision, and you need to make sure you’re researching your options and picking a bank that actually empowers your business day to day. Look for features such as:

  • Checking and Savings Accounts: Reliable business accounts for storing revenue and managing expenses.

  • ACH and Wire Transfers: Critical for vendor payments, payroll, and license fees.

  • Debit Cards and Check Writing: For managing operational expenses.

  • Online and Mobile Banking: 24/7 access to your finances, including mobile check deposit and fund transfers.

  • Electronic Tax Payment Capabilities: Makes it easier to pay excise, sales, and payroll taxes without visiting the branch.

  • Cash Pickup and Delivery Services: Especially important for high-volume dispensaries. Armored services reduce theft risk and keep you compliant.

  • Deposit Monitoring Tools: Helps you verify and track large or unusual deposits before they become a compliance issue.

  • Direct Deposit for Payroll: Simplifies staff payments and reduces cash dependency.

  • Employee Account Support: Some institutions also offer account services for staff linked to the business account.

Take your time to assess fee structure as well. Cannabis banks often charge monthly service fees, and you should expect to pay more than usual given the risks and operational burden associated with serving CRBs. But, fees should be clear and transparent.

You also need to partner with an institution that hires real humans who understand cannabis regulations - not general banking reps, and definitely no bots that give you the runaround when you need help most.

Stay Compliant and Run Your Business Easier With Solvent

Vermont cannabis banking becomes much less stressful and complicated when you have a partner like Solvent. We’re not a bank - we’re the bridge that connects Vermont CRBs with financial infrastructure.

We help cannabis operators secure relationships with banks and credit unions that understand the industry. But more than that, we give you the tools to manage compliance, payment processing, and oversight through a single streamlined platform. That includes:

  • Legal, compliant PIN debit processing with flat-rate pricing

  • A compliance dashboard built around Vermont’s CCB requirements so you can track transactions, monitor suspicious activity, and store documentation securely

  • Monthly or annual background checks, including social media scan integration

  • Real-time reporting for fees, tips, taxes, and reconciliation

  • Hardware that’s curbside and delivery-ready - no sketchy terminals or workaround tech

  • Live US-based support around the clock, 7 days a week. Every call is answered by a human

We’re not just here to support cannabis banking in Vermont, either. Our solution works in neighboring states if you’re a multi-state operator, including cannabis banking in Massachusetts, cannabis banking in New York, and everywhere in between the East and West Coasts.

Stop worrying about account shutdowns, slow deposits, or unpredictable fees. Solvent brings you structure, compliance, and support so you can stay focused on growing your business. Connect with our experts to learn more today!

Frequently Asked Questions

Can Dispensaries Take Credit Card in Vermont?

No. Credit card networks do not support cannabis transactions due to federal regulations. Dispensaries in Vermont can accept cash and PIN debit (via networks that support high-risk transactions). Solvent provides compliant debit processing to help ease this worry. 

What Types of CRBs Besides Dispensaries Use Solvent?

Solvent supports all licensed cannabis business types: cultivators, manufacturers, testing labs, delivery services, and vertically integrated operations. Just get in touch if you’re unsure we can help - but chances are, we can!

What Cities in Vermont Can Leverage the Solvent Solution?

We serve businesses across the entire state, including Burlington, Montpelier, Brattleboro, Rutland, St. Albans, and Middlebury. You can benefit from our solution if you’re licensed by the CCB. 

Are There Any Loan Services Available for Cannabis Businesses in Vermont?

Traditional loans are limited due to federal restrictions, and we certainly aren’t the right place to look for loans. However, some cannabis-friendly credit unions and institutions like Safe Harbor offer business lines of credit or equipment financing on a case-by-case basis.

How Do I Start Using Solvent Right Now?

It’s easy. Fill out our intake form, and a member of our team will reach out to walk you through onboarding. We’ll assess your needs, recommend banking and processing partners, and help you get set up with full support from day one!

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