Missouri Cannabis Banking

2025 Cannabis Banking in Missouri: Current Rules and Regulations

Cannabis remains legal in Missouri for both medical and adult-use customers under Article XIV of the state constitution. Adult-use possession for 21+ has been legal since December 8, 2022, and retail sales began on February 3, 2023.

Taxes (updated July 2025): Adult-use sales carry a 6% state marijuana sales tax, plus up to a single 3% local tax. In July 2025, the Missouri Supreme Court ruled that only one local government may impose the 3% tax—either a municipality or the county (in unincorporated areas), but not both. This ended “tax stacking” and lowered the effective rate in many cities.

Licensing & microbusiness program: Missouri’s Division of Cannabis Regulation (DCR) oversees the equity-focused microbusiness program. In April 2025, regulators revoked 25 licenses over eligibility and compliance violations, and new rules are being advanced to tighten oversight and curb predatory ownership structures.

Federal context (banking & compliance): The SAFER Banking Act remains pending in Congress but is not law as of 2025. Until federal reform, banks must follow FinCEN’s 2014 BSA/AML guidance. The DEA’s proposed rescheduling of cannabis to Schedule III is still under review—hearings were postponed, and no final rule has taken effect.

As your dedicated banking partner for cannabis-related businesses (CRBs) in Missouri, Herring Bank delivers compliant financial solutions—secure deposit accounts, online banking, ACH and wires, and a statewide armored courier network for cash logistics.

Frequently Asked Questions

Can dispensaries use banks?
Yes. Licensed Missouri CRBs may access banking through institutions like Herring Bank that adhere to FinCEN’s cannabis banking guidance.

What types of cannabis companies do you support?
We provide services for dispensaries, cultivators, processors/manufacturers, testing labs, wholesalers/microbusinesses, and licensed transport/security firms, plus select ancillary companies directly tied to licensed operators.

What is the banking act for cannabis?
The SAFER Banking Act is the latest federal proposal to give banks “safe harbor” when serving state-legal cannabis. As of 2025, it has not passed; financial institutions rely on FinCEN guidance and enhanced due diligence.

Does federal rescheduling change banking?
Not yet. The DEA has only proposed rescheduling cannabis to Schedule III. Even if finalized, this would not automatically legalize adult-use programs or remove BSA/AML obligations for banks.

What are the benefits of partnering with a specialized financial institution?
Specialized cannabis banking reduces cash-handling risk, integrates armored courier cash deposits, and ensures compliance with Missouri DCR rules and federal AML expectations—supporting smoother audits and regulator exams.

What cities do you serve in Missouri?
Herring Bank offers cannabis banking services across the state, including: Kansas City, St. Louis, Springfield, Columbia, Independence, Lee’s Summit, O’Fallon, St. Joseph, St. Charles, St. Peters, Blue Springs, Joplin, Florissant, Chesterfield, Jefferson City, Cape Girardeau, Wildwood, Wentzville, University City, and Ballwin.