Cannabis banking experts
Our team of dedicated community bankers have a strong understanding of the additional due diligence, compliance and requirements that cannabis-related businesses face. Our goal is to help your business succeed by providing a high level of service that supports the unique needs of the industry.
Get connected with one of our bankers today!
Justin Day
Business Banker / Lending
Phone: 507.386.4870
Email Justin
Mary Loftus
Treasury Management / Deposits
Phone: 612.756.4690
Email Mary
Contact Us
frequently asked questions:
What is the difference between direct and indirect cannabis-related businesses?
An “indirect marijuana business” is one that derives any of its gross revenue from sales to Direct Marijuana Businesses of products or services that could reasonably be determined to support the use, growth, enhancement, or other development of marijuana. A “direct marijuana business” is one that grows, produces, processes, distributes, or sells marijuana or marijuana products, edibles, or derivatives, regardless of the amount of the activity.
Why are the fees higher on Cannabis Banking accounts and services versus regular business accounts?
Banks that choose to offer cannabis banking take on additional regulatory requirements, reporting and risk management practices, and due diligence in order to offer and maintain a well-managed program. These extra measures mean the bank must attain additional monitoring tools, staff training and support which causes significant extra expense.
How can my CRB qualify for banking services?
Your cannabis-related business (CRB) must be properly licensed through the state of operation and be compliant with all state reporting and regulatory requirements.
Where can I find information about licensing my CRB in Minnesota?
The State of Minnesota Office of Cannabis Management website provides information about licensing, applications and grants. https://mn.gov/ocm/businesses/
how can i find resources to support my business?
We have a list of great partners who can assist you with things like consulting for your new business, transporting cash, providing an ATM, learning and advocacy for the cannabis industry and more. Click here to view the partner list.
