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Virginia Cannabis Banking

Running a cannabis business in Virginia often means stacking cash in safes, coordinating secure pick‑ups, and living in constant worry about theft - or worse, an abrupt audit or license trouble. Every day spent avoiding banks adds operational drag and risk.

While Virginia cannabis banking has traditionally been a nightmare to secure, that’s no longer the case. There are quite a few cannabis-friendly banks in VA, including:

  • First Citizens Bank

  • Herring Bank

  • Safe Harbor Financial

  • Shore United Bank

Find out which provider is right for your cannabis-related business (CRB) below and get tips on preparing to open your first account. We’ll also introduce you to the Solvent dispensary payment processing and compliance interface, which helps you secure and maintain banking services.

Our solution takes the stress and uncertainty out of operating your business from a financial perspective, giving you the tools you need to thrive just like any other legitimate business. Learn more today! 

Why Your Virginia Cannabis Company Needs Banking

Operating in cash has long been the standard for Virginia dispensaries - but it’s not a viable option in the long run, even if it’s worked so far. This approach exposes you to a laundry list of potential issues, including but not limited to:

  • Security Risk: Large cash infusions attract theft or burglary, increasing insurance and security costs.

  • Operational Drain: Managing cash manually - from deposits to payroll - takes time and invites error.

  • Compliance Exposure: Cash doesn’t leave a trace. It makes audits, tax filing, and ROI tracking almost impossible.

  • Vendor Constraints: Many vendors won’t accept cash, or charge hefty fees for it, driving up costs.

  • Scaling Barriers: Cash-only systems limit your ability to open new locations, integrate POS systems, or apply for credit.

Legally recognized cannabis banking isn’t just a convenience. It’s the foundation of a scalable, professional business model. You can eliminate cash risks, streamline operations, and open doors to growth just by securing Virginia cannabis banking services!

Unfortunately, though, that hasn’t been easy since the state legalized medicinal cannabis.

Why Securing Cannabis Banking is Such a Challenge in Virginia

Virginia legalized medical cannabis in 2020 and legalized possession and limited cultivation in 2021. There is no recreational market yet, though. The state has lagged behind most of the US, with most states already having a thriving adult-use cannabis retail market.

So, it should come as no surprise that banks are still cautious. It doesn’t help that marijuana remains a Schedule I controlled substance at the federal level, and most banks work through federal charters.

Financial institutions bear compliance and reputational risks when onboarding CRBs under the Bank Secrecy Act and AML regulations. In other words, even if they could help you, it’s a lot more work and risk than it’s worth from their perspective.

The handful of Virginia banks willing to work with CRBs still force you to jump through hoops with rigorous onboarding, and will charge you higher fees while performing ongoing reviews to ensure you’re doing business by the book.

Many programs cap deposits or terminate accounts without warning if regulatory thresholds are triggered. That’s why Solvent exists - to help Virginia cannabis businesses access, manage, and maintain banking relationships. 

But, what are your options for Virginia cannabis banking in the first place? 

Who Can You Turn to For Virginia Cannabis Banking?

You have a few good candidates for cannabis banking in Virginia, as local banks have stepped up to fill the void in this market. We’ve done our research on the state’s top options and compiled a list of four banks we trust for CRBs in the state below:

First Citizens Bank

You can get banking for hemp and cannabis-related businesses through First Citizens Bank, backed by a specialized compliance team and transparent pricing. There’s a $150 monthly fee for cannabis or hemp clients right now, which is actually pretty light. 

You’ll get access to full business services, including lending, merchant processing, and comprehensive digital tools.

Herring Bank

Herring Bank runs a cannabis banking program tailored to heavily regulated industries. You can get flat-fee business checking/savings, ACH and wire transfers, digital access, FDIC insurance, and cash logistics all designed for high-compliance needs across the state of Virginia.

Safe Harbor Financial

Safe Harbor brings a full breadbox: checking, mobile banking, payroll support, tax processing, cash management, and lending opportunities. It’s a solid candidate if you’re scaling operations.

Safe Harbor Financial is actually operative across multiple states, including Maryland cannabis banking, cannabis banking Oklahoma, cannabis banking California, and everywhere in between!

Shore United Bank

Shore United selectively serves cannabis businesses in Virginia, offering business checking, online access, and cash handling solutions under strict compliance frameworks. They are prudent, responsive, and in tune with regional CRB demands.

Tips on Choosing a Virginia Cannabis Banking Partner

This is not a decision you should take lightly. Your Virginia cannabis banking provider can make or break your success from a financial perspective. So, what should you look for when weighing your options?

Core Financial Capabilities

Your bank obviously has to provide the basics: business checking and savings accounts. This is how you handle daily deposits, support cash reconciliation, and offer debit/check access for vendors.

Digital Functionality

The best banks offer comprehensive online portals and mobile access so you can keep track of real-time balances, fund transfers, exporting data for audits, and tax payments.

Payment & Payroll Support

Look for ACH, wire transfers, direct deposit payroll, and debit card usage. These tools let you shift away from cash, reduce risks, and streamline vendor relationships.

Cash Logistics and Monitoring

A bank that partners with armored services or provides breakpoint deposit alerts helps mitigate financial risk. Deposit monitoring tools that flag unusual activity are also really great for both safety and regulatory reporting.

Compliance Readiness

Your bank should understand BSA/AML requirements, offer support during audits, and provide documentation for regulators. Ongoing reviews and transparent processes are better than surprises.

Fee Transparency

Yes, cannabis banking comes with premium fees - but they should be clear. Ask for detailed fee schedules covering maintenance, deposit handling, onboarding, and audit support. Any bank that hits you with hidden fees is not worth partnering with. 

Relationship Access

Your team should interface with a CRB-dedicated banking officer, not the regular commercial line. Specialized support means faster reactions if issues arise, and more reliable compliance oversight.

Future Growth Support

Check for credit offerings, multi-location support, or broader treasury capabilities if you plan to scale. You’re not just choosing a Virginia cannabis bank for today, but years down the road. Think big picture. 

Local CRB Experience

Banks familiar with Virginia cannabis rules - like municipal licensing or upcoming adult-use legislation - will get you approved faster and keep your account active longer. 

But, nothing will help you get approved and keep your account in good standing quite like the Solvent system. Discover the most powerful financial and compliance solution today!

Take the Next Step Towards Streamlined Finances and Compliance With Solvent! 

Solvent is built to untangle cannabis banking burdens for Virginia CRBs. We’re the infrastructure that connects you to compliant financial tools, payment processing, and real human support. Our platform aligns directly with your industry needs. Here’s what you get:

  • We connect you to vetted banks like First Citizens, Herring, Safe Harbor, and Shore United.

  • We package ADA- and compliance-ready payment tools - PIN debit processing, fast settlement, and flat-rate pricing all come in one operating system.

  • We give you a seed-to-sale-aware dashboard for documenting deposits, monitoring transactions, and preparing audit-grade reports.

  • We provide built-in compliance infrastructure: role-based access, two-factor authentication, SOC 2 Type II-rated security, and background/social screening tools.

  • 24/7 support is always live and US-based for when real issues arrive.

Ready to ditch the cash chaos and regain control? Reach out now to get banking done the right way and keep your Virginia cannabis business moving forward with peace of mind!

Frequently asked questions

Can dispensaries use banks in Virginia?

Yes, but you only have a few options for Virginia cannabis banking. Dispensaries can open accounts with carefully vetted, cannabis-friendly banks that accept regulated CRBs.

What types of cannabis businesses does Solvent serve?

Solvent supports dispensaries, growers, processors, and delivery operators. Any licensed Virginia CRB needing compliant financial infrastructure can benefit from our solution.

Can I get a loan through Solvent?

Solvent doesn’t issue loans. But we might be able to connect you with banking partners that offer financing on a case-by-case basis. Just reach out to take the first step!

How easy is it to get started?

So easy. Get in touch today and we’ll guide you through onboarding, matching you with the right banking partner and setting up your Solvent dashboard for compliance and payments. Don’t wait any longer to take control of your finances and compliance!

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