Better Cannabis Banking for Missouri Moves Forward

Cannabis businesses in Missouri could find access to banking services a little less trying as they go forward.  Last Thursday, the Missouri House passed a bill that would make it easier for marijuana businesses to access banking services, according to a report in the Missouri Independent. The bill allows marijuana business owners to sign a waiver giving permission for state agencies to share their licensing and inspection information with their financial institutions.

The bill, S.B.63, stipulates that cannabis businesses can “request in writing that a state or local licensing authority or agency, including but not limited to the Department of Health and Senior Services or Department of Revenue, share the entity’s application, license, or other regulatory and financial information with a banking institution.”

The federal government has advised banks that they can provide services to the marijuana industry if they follow the Financial Crimes Enforcement Network (FinCEN) guidelines. FinCEN requires banks to inspect every facility and licensee to make sure they’re legal and reputable.

This is something that the Department of Health and Senior Services, which oversees the state’s marijuana program, already does. Jim Regna, CEO and founder of Triad Bank, told lawmakers in March that it would be helpful for banks to get this information from the Department of Health and Senior Services to make the program fluid and keep them in compliance with federal regulators.

The bill has now passed both the Missouri House and Senate and is headed to Gov. Mike Parson’s desk.

Recreational cannabis has been legal in Missouri since February 2023.