Your Florida Cannabis Bank
Florida Cannabis Banking
Grow your business with cannabis banking in Florida. Herring Bank is one of the country’s leading cannabis banks, with compliant business accounts, cash management and compliance support for Florida’s Medical Marijuana Treatment Centers and the hemp businesses around them.
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Banking Solutions for Florida Cannabis Companies
Herring Bank’s Cannabis Banking program in Florida is built for the state’s medical marijuana industry: Medical Marijuana Treatment Centers (MMTCs), their cultivation, processing and dispensary operations, and the hemp and CBD retailers alongside them licensed by the Florida Department of Health’s Office of Medical Marijuana Use (OMMU). We provide business checking and savings accounts, 24/7 online banking, payment processing, electronic tax payments and payroll tools, so Florida operators can run their finances like any other business while meeting the documentation standards regulators and bank examiners expect.
Cash is still a reality for cannabis retail. We connect our clients with our preferred armored courier for pickup and delivery, so sales from Jacksonville, Miami, Orlando, Tampa, Fort Lauderdale and Tallahassee reach the bank without staff driving deposits across town. Deposits are reconciled against the state’s seed-to-sale records and the Florida Department of Health’s Office of Medical Marijuana Use (OMMU) licensing as part of our ongoing monitoring. We already serve cannabis businesses in Jacksonville, Miami and Orlando, and hemp businesses across Florida.
Herring Bank also serves the people behind the licenses. Owners and employees of licensed Florida cannabis businesses can qualify for cannabis home loans through our mortgage team, and our Cannabis Business Advisory service helps new licensees set up accounts, controls and reporting from day one.
Financial Services for Florida Cannabis Businesses
Florida’s cannabis businesses, from new MMTC licensees opening their first dispensaries to multi-state operators running dozens of Florida locations, have financial needs that most banks will not touch. Herring Bank meets those needs with accounts designed for licensed cannabis operations, so cash flow, vendor payments and tax remittance run on schedule.
Our digital tools matter as much as our accounts. Online and mobile banking give Florida operators round-the-clock visibility into every location, while debit cards, check services and wire access put the full range of business banking within reach. Our services for Florida cannabis businesses are listed below.
Marijuana Banking in Florida
Herring Bank’s Cannabis Banking Program for Florida is a purpose-built platform for the largest medical cannabis market in the country by patient count. Florida’s roughly two dozen vertically integrated MMTCs operate more than 750 dispensaries serving well over 900,000 active patients. Operators who want to protect their margins need banking that is both efficient and compliant.
Our program gives Florida cannabis enterprises specialized checking and savings accounts, 24/7 online banking for multi-location oversight, payment processing for customer transactions and electronic tax payments for Florida’s documentary and business taxes, with medical marijuana itself exempt from sales tax. Recognizing how much cash still moves through dispensaries, we pair cash management accounts with secure pickup and delivery through our preferred armored courier.
To support your workforce, Herring Bank provides employee accounts, direct deposit payroll, ACH payments and wire transfers, so paying budtenders, growers, vendors and the state is routine. Every relationship is guided by FinCEN’s BSA/AML expectations for marijuana-related businesses, giving Florida operators a durable financial foundation.
2026 Cannabis Banking in Florida: Laws, Licensing, Taxes and Market Status
Florida is the largest medical cannabis market in the United States by patient count, and one of the few big markets still waiting on adult-use. Voters approved medical marijuana through Amendment 2 in 2016 with 71% support, the Legislature implemented it in 2017, and the program has grown into a statewide network of vertically integrated Medical Marijuana Treatment Centers. Adult-use fell just short in 2024, and a 2026 ballot attempt did not make it to voters, so every Florida cannabis business still banks as a medical licensee.
Who Regulates Cannabis in Florida
The Office of Medical Marijuana Use (OMMU) in the Florida Department of Health licenses MMTCs, registers patients and caregivers, certifies physicians and publishes weekly program data. Key rules for Florida operators:
- Vertical integration: an MMTC license covers cultivation, processing, transport and retail, so a single licensee runs the whole chain, and new licenses are issued in limited rounds tied to patient growth.
- Dispensary caps and local control: counties and cities may ban dispensaries outright but cannot otherwise restrict them more tightly than pharmacies; most large markets allow them.
- Seed-to-sale and purchase limits: MMTCs track every product in the state’s inventory system, and physician certifications set each patient’s dosing and 70-day supply limits.
- Hemp and CBD: hemp retailers operate under the Florida Department of Agriculture’s hemp program, and intoxicating hemp products remain a live policy issue in Tallahassee.
Florida Cannabis Taxes in 2026
Medical marijuana is exempt from Florida sales tax and there is no state cannabis excise tax, so MMTCs pay ordinary corporate, reemployment and documentary taxes. The compliance burden instead sits in federal tax: because Florida marijuana remains in Schedule I for federal purposes outside the April 2026 medical rescheduling order, Section 280E still shapes how operators document cost of goods, and clean banking records are central to that.
Florida’s Cannabis Market in 2025 and 2026
As of spring 2026, roughly 22 licensed MMTC operators ran more than 750 dispensary locations statewide, serving well over 900,000 active patients according to OMMU’s weekly updates. Through September 2026 the office reported more than 15 billion milligrams of THC and more than 5 million ounces of smokable flower dispensed for the year. Florida dispensaries are high-volume retail operations, and the cash, payroll and payment flows that go with them need a bank that understands the program.
Adult-Use Status in Florida
Amendment 3 in November 2024 won about 56% of the vote but fell short of the 60% supermajority Florida requires for constitutional amendments. A renewed initiative aimed at November 2026 did not qualify for the ballot after changes to the state’s petition rules and related court challenges, so the next realistic opportunity is 2028. A patient home-grow bill, SB 776, died in committee in March 2026. Florida operators should plan for a medical-only market through at least 2028.
Federal Changes That Affect Florida Cannabis Businesses
A Justice Department order effective April 28, 2026 moved marijuana covered by a qualifying state medical license, and FDA-approved marijuana products, to Schedule III. Because every licensee in Florida operates under the state medical program, the order covers them, creating a DEA registration pathway and the expectation that licensed medical activity falls outside Section 280E going forward. The SAFE Banking Act of 2026 was introduced in June 2026 and remains in committee, so banks continue to follow FinCEN’s 2014 guidance for marijuana-related businesses. Florida hemp and CBD businesses should also prepare for the federal hemp redefinition, most of which takes effect December 11, 2026.
What This Means for Banking a Cannabis Business in Florida
Herring Bank is a compliance-first banking partner for Florida cannabis-related businesses. We help MMTCs and their cultivation, processing and dispensary operations from Jacksonville, Orlando and Tampa to Miami open compliant business checking and savings accounts, document OMMU licensing for BSA/AML review, reconcile deposits with inventory records, handle cash through pickup and delivery with our preferred armored courier, and run payroll, ACH, wires and electronic tax payments. We also serve Florida hemp businesses. Ready to talk about Florida cannabis banking? Call 877-873-0079 or request a call back.
Frequently Asked Questions (Florida)
Is recreational marijuana legal in Florida?
No. Florida is a medical-only state. Amendment 3 won about 56% of the vote in November 2024 but needed 60%, and the 2026 initiative did not qualify for the ballot, so the next opportunity is 2028.
What taxes apply to medical marijuana in Florida?
Medical marijuana is exempt from Florida sales tax and there is no state cannabis excise tax. MMTCs pay ordinary state business taxes and remain subject to federal Section 280E rules.
Who regulates medical marijuana businesses in Florida?
The Office of Medical Marijuana Use (OMMU) in the Florida Department of Health licenses Medical Marijuana Treatment Centers, registers patients and caregivers, certifies physicians and publishes weekly program data.
How large is Florida’s medical marijuana program?
As of spring 2026 roughly 22 MMTC operators ran more than 750 dispensaries serving well over 900,000 active patients, making Florida the largest medical cannabis market in the country by patient count.
Can a Florida city or county ban dispensaries?
Yes. Local governments may prohibit dispensaries entirely, but if they allow them they cannot regulate them more restrictively than pharmacies. Most major Florida markets allow dispensaries.
Can Florida cannabis businesses use banks, and what is the federal status?
Yes. Herring Bank serves Florida cannabis-related businesses under FinCEN’s 2014 guidance, with enhanced due diligence and ongoing monitoring. Since April 28, 2026, marijuana covered by a qualifying state medical license has been in Schedule III, which covers every licensee in a medical-only state. The SAFE Banking Act of 2026 (S. 4942) is still in committee.
