Explore Colorado Cannabis Banking Solutions
Empowering Colorado’s Cannabis Industry with Secure, Compliant Banking Solutions
Colorado’s legal cannabis businesses face unique financial challenges—from stringent compliance demands to cash-intensive operations. Herring Bank rises to meet these needs with specialized cannabis banking services designed to secure, streamline, and scale your enterprise. Discover how our tailored solutions help businesses thrive while prioritizing safety, innovation, and growth.
Comprehensive Services Built for Cannabis Success
- 24/7 Digital Banking & Financial Control: Manage accounts, process payments, and handle taxes anytime, anywhere. Our intuitive online and mobile platforms ensure real-time oversight of cash flow, reducing errors and enhancing operational efficiency.
- Advanced Cash Management: Minimize risk with our expanding network of armored couriers, offering secure cash transport and deposit solutions tailored to high-volume industries.
- FDIC-Insured Growth Opportunities: Safeguard your profits with investment options that combine security and growth potential, backed by federal deposit insurance.
- Seamless Payroll & Payments: Simplify payroll with flexible options like ACH (Automated Clearing House) and wire transfers, ensuring timely compensation and vendor transactions.
Compliance & Security at the Core
Herring Bank prioritizes adherence to federal and state regulations, including alignment with the Safe Banking Act. Our solutions reduce reliance on cash, mitigate legal risks, and ensure transparent financial practices—so you can focus on growth without compromising compliance.
Strategic Support for Scaling Businesses
Whether expanding operations, purchasing equipment, or entering new markets, Herring Bank offers:
- Customized Account Structures to align with your business model.
- Growth-Focused Financing for capital investments and scalability.
- Dedicated Advisory Services to navigate the evolving cannabis landscape.
Why Herring Bank?
As a trusted financial partner for Colorado’s cannabis sector, Herring Bank combines deep industry expertise with cutting-edge technology. We’re not just a bank—we’re your ally in building a resilient, compliant, and profitable business.
Elevate Your Cannabis Enterprise with Banking Solutions That Grow With You.
Specialized Financial Services for Colorado Cannabis Businesses
Cannabis businesses in Colorado navigate a unique set of financial hurdles, necessitating tailored services that match their specific operational needs. Herring Bank distinguishes itself by offering focused financial solutions to licensed cannabis-related businesses throughout Colorado, encompassing dispensaries, cultivation facilities, and ancillary enterprises. By providing business savings and checking accounts crafted for the nuances of the cannabis industry, Herring Bank plays a pivotal role in streamlining cash flow management, secure cash transportation via armored couriers, and ensuring compliant financial transaction processing.
The bank’s commitment to delivering a full suite of banking solutions is particularly apparent in its digital offerings and alignment with evolving regulations. Colorado’s cannabis market, which generated $1.5 billion in sales in 2023 (down slightly from previous years but still robust), relies heavily on advanced financial infrastructure. Herring Bank’s 24/7 online and mobile banking platforms remain critical for real-time financial oversight, enabling businesses to manage payroll via ACH/wire transfers, submit taxes electronically, and mitigate risks associated with cash-heavy operations.
Recent federal and state regulatory developments continue to shape the financial landscape for cannabis businesses. Efforts to shield financial institutions serving state-legal cannabis operators from federal penalties have gained bipartisan momentum, addressing public safety risks tied to cash-only models and potentially expanding access to credit lines and insurance. State-level initiatives further bridge gaps between federal restrictions and local businesses, fostering fintech innovations and clearer compliance frameworks. Updated regulations for hemp and CBD businesses also emphasize stricter THC limits and enhanced due diligence for financial institutions.
Herring Bank complements these advancements with services like FDIC-insured investment opportunities, compliance-focused cash management, and employee payroll solutions, ensuring cannabis enterprises operate securely within Colorado’s $2.4 billion tax-funded ecosystem (cumulative since 2014). Augmenting its core offerings, the bank also provides debit cards, check services, and armored courier partnerships in key cities like Denver and Colorado Springs, aligning with 2024’s emphasis on risk mitigation and operational efficiency.
Marijuana Safe Banking in Colorado
Business Checking Accounts and Banking Services for Colorado Cannabis Companies
Herring Bank is proud to offer a dedicated Cannabis Banking Program for Colorado, specifically designed to address the unique financial challenges faced by cannabis businesses in the state. With Colorado’s cannabis industry continuing to thrive, generating $1.5 billion in sales in 2023, the need for reliable and compliant banking solutions has never been greater. Our program provides cannabis companies with specialized business checking and savings accounts, enabling efficient fund management, secure cash handling, and seamless financial operations.
At the core of our offering is a focus on business checking accounts tailored to the cannabis industry. These accounts are designed to help dispensaries, cultivators, and ancillary businesses manage their day-to-day finances with ease. Coupled with 24/7 online and mobile banking, cannabis companies can monitor transactions, process payments, and submit taxes electronically—all while maintaining compliance with state and federal regulations. This digital accessibility ensures businesses can operate efficiently, no matter where they are.
Recognizing the cash-intensive nature of the industry, Herring Bank provides secure cash management solutions, including armored courier services, to minimize risks associated with cash handling. Our cannabis business accounts also support payroll management through direct deposit, ACH payments, and wire transfers, streamlining workforce operations and reducing administrative burdens.
To further empower growth, Herring Bank offers additional financial tools such as debit cards, check services, and investment opportunities, all tailored to the unique needs of cannabis enterprises. These services are designed to provide a strong financial foundation, helping businesses navigate the complexities of the industry while maximizing their potential for success.
Herring Bank’s Cannabis Banking Program is more than just a suite of services—it’s a commitment to supporting Colorado’s cannabis businesses with the financial infrastructure they need to thrive in a competitive and ever-evolving market.
Colorado Cannabis Regulatory Updates for 2025
Biennial licensing (in effect): As of August 7, 2024, Colorado moved marijuana business licenses (initial and renewal) to two-year terms under SB24-076. This reduces administrative burden and applies to all new and renewed licenses.
Retail flexibility (food & hemp): Retail marijuana stores may now sell non-infused food and beverage products and hemp products, capped at 20% of annual gross revenue, per SB24-076 and Colorado MED guidance.
Social equity updates: The Colorado Marijuana Enforcement Division (MED) revised social-equity qualifications, lowering residency-style requirements (to five years) and expanding qualifiers (e.g., participation in assistance programs, or living in disproportionately impacted areas).
Plant-tagging (RFID) status: Despite lawsuits and rule updates, the MED clarified that RFID tags remain required for plant tracking until further notice. Businesses should budget for RFID until any official change is adopted.
Point-of-sale warnings & education: Colorado retailers must display pregnancy warnings at the point of sale and provide the MED’s educational handouts on concentrate use with every concentrate purchase.
Herring Bank’s Role in Cannabis Banking (Colorado)
Herring Bank is a trusted cannabis banking partner in Colorado, helping CRBs navigate the complex compliance environment:
- Comprehensive banking: Business checking, savings, ACH, and wire services tailored to licensed CRBs.
- Cash management: Statewide armored courier cash deposit network to reduce on-site risk.
- Compliance support: Onboarding and monitoring aligned to FinCEN’s 2014 cannabis banking guidance.
- Audit-ready recordkeeping: Transparent reporting to streamline exams and audits.
Federal Context & 2025 Challenges
- SAFER Banking Act: The SAFER Banking Act (S.2860) remains stalled in Congress. In July 2025, 23 state Attorneys General urged passage to provide banking protections, but no federal safe harbor exists yet.
- DEA rescheduling: The DEA proposed rescheduling cannabis to Schedule III in May 2024, but hearings were delayed and no final rule is in place. Rescheduling alone would not legalize adult-use programs or remove BSA/AML obligations.
Compliance & Operational Shifts to Watch
- Enhanced due diligence: Banks continue to require detailed ownership, licensing, and tax documentation per FinCEN expectations.
- Packaging/labeling & testing: The MED maintains strict packaging, labeling, and testing rules, with updates under review for contaminants and retesting standards.
- Education at sale: Concentrate sales must include the official MED consumer education handout and POS pregnancy warnings.
Frequently Asked Questions
How often do Colorado cannabis businesses need to renew licenses?
As of August 7, 2024, cannabis business licenses in Colorado are valid for two years under SB24-076, reducing administrative burden compared to annual renewals.
Can Colorado dispensaries sell food and hemp products?
Yes. Retail marijuana stores may sell non-infused food and beverage items and hemp-derived products, but sales are capped at 20% of annual gross revenue, per SB24-076 and Colorado MED guidance.
What are the current social equity requirements?
The Colorado MED revised qualifications for social-equity applicants. Residency requirements were shortened to five years in disproportionately impacted areas, with new eligibility options including participation in state or federal assistance programs.
Are RFID tags still required in Colorado?
Yes. The MED clarified that RFID plant tags remain mandatory for inventory tracking. Despite debate and lawsuits, businesses must continue using RFID until official rule changes are adopted.
What is the status of the SAFER Banking Act?
The SAFER Banking Act (S.2860) remains stalled in Congress. In July 2025, 23 Attorneys General called for passage, but no federal safe harbor exists yet.
Will DEA rescheduling change cannabis banking?
Not immediately. The DEA proposed rescheduling cannabis to Schedule III, but no final rule has taken effect. Even if finalized, banks must continue following BSA/AML and FinCEN’s 2014 guidance.
Colorado Cannabis Banking & Armored Courier Services:
Colorado Springs, Denver, Aurora, Pueblo, Arvada
California Cannabis Banking & Armored Courier Services:
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We provide Cannabis Banking Nationwide
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