Boost Your Cannabis Business in Missouri with Herring Bank – Your Banking Partner.

In Missouri’s cannabis market, Herring Bank stands out as your premier financial guide, with a dedicated team exclusively serving cannabis-related businesses (CRBs). We grasp the unique dynamics of Missouri’s cannabis industry, crafting specialized banking solutions to synchronize with its distinctive needs. Our array of services, tailored for CRBs, including targeted checking and savings accounts and a comprehensive online banking platform, are designed with your business’s growth and compliance in mind. Herring Bank is here to simplify your financial management through effective cash handling systems and dedicated financial support programs.

Choosing Herring Bank means partnering with a bank that’s deeply rooted in the cannabis industry’s specific challenges. We are focused on boosting your operational effectiveness and ensuring your compliance, allowing you to concentrate on expanding your business. Experience financial serenity with Herring Bank, where your triumph in Missouri’s cannabis market is our ultimate goal.

Customized Financial Services for Missouri’s Cannabis Industry

In Missouri’s cannabis market, businesses face distinct financial challenges that require tailored banking solutions. Herring Bank steps up to meet these needs, providing sophisticated financial services to licensed cannabis-related businesses throughout the state, including dispensaries and cultivation operations. Our range of banking services, designed specifically for the cannabis sector, includes custom savings and checking accounts aimed at enhancing cash flow management and ensuring precise transaction processing for these businesses.

Our dedication to offering comprehensive banking services is supported by more than 125 years of banking experience. With the cannabis industry’s rapid expansion, the demand for dependable online and mobile banking solutions is increasingly paramount. Herring Bank provides cannabis businesses with the necessary digital tools for seamless financial management, accessible from any location, to maintain continuous oversight of their financial wellbeing.

  • Checking and savings accounts

  • Online banking with 24/7 access

  • Payment Processing

  • Electronic tax payments

  • FDIC Insured accounts

  • Cash pick-up and delivery services

  • Investment options

  • Employee accounts

  • Direct deposit payroll

  • ACH payments

  • Wire Services

  • Cannabis Business Loans

Cannabis Banking Solutions in Missouri

Missouri Banking solutions for Growers, Dispensaries, Wholesalers, Testing Labs, Armored Car Services and more!

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Marijuana Banking in Missouri

Herring Bank is excited to launch the Cannabis Banking Program for Missouri, a service specifically crafted to meet the unique financial needs of the cannabis industry in the state. This program includes a broad range of banking solutions designed for cannabis businesses, featuring customized checking and savings accounts for effective financial management. With 24/7 online banking access, companies can effortlessly manage their operations from any location, streamlining consumer transactions and electronic tax reporting for greater compliance and operational efficiency.

Acknowledging the importance of cash flow management in the cannabis sector, Herring Bank provides specialized cash management accounts and secure cash transportation services to markedly decrease the risks associated with cash transactions.

In addition, Herring Bank meets the needs of workforce management with employee accounts, direct deposit, ACH payments, and wire transfers, offering a cohesive and streamlined system for payroll and payments. This suite of financial tools is deliberately designed to support the expansion of cannabis businesses in Missouri, establishing a strong financial base for success in this swiftly evolving industry.

 

Missouri marijuana bank

2024 Cannabis banking in Missouri: Current rules and regulations

Cannabis is legal in Missouri for both medical and recreational use. Medical cannabis was legalized in 2018, with sales starting in October 2020, following a successful ballot measure. Recreational use was approved by voters through Amendment 3 on November 8, 2022, making possession legal for adults over 21 since December 8, 2022, and sales beginning February 3, 2023. Initial decriminalization efforts in Missouri began in 2014, reducing penalties for possession and legalizing CBD oil for medical use. Cities like Columbia, Springfield, St. Louis, and Kansas City have passed local reforms to further decriminalize possession. The implementation of recreational cannabis includes a state sales tax, with proceeds supporting various public services, and local governments can add up to a 3% sales tax. The state also introduced microbusiness licenses for disadvantaged communities, though the program faced criticism and adjustments.

As your dedicated banking partner for cannabis-related businesses (CRBs) in Missouri, Herring Bank offers unmatched expertise in navigating Missouri’s specific cannabis banking landscape. We tailor our financial services to meet the exact needs of the cannabis industry in Missouri, providing your business with a comprehensive range of financial solutions. At Herring Bank, you’ll discover a partner skilled in managing the complexities of cannabis banking, committed to supporting the growth and prosperity of your business.

Frequently Asked Questions

Can dispensaries use banks?

Yes, dispensaries and cannabis-related businesses (CRBs) in Missouri, along with those in other states, can access banking services through institutions like Herring Bank. Despite the complex regulatory landscape and ongoing federal prohibition of cannabis, certain banks and financial institutions have started offering banking services to the cannabis industry. This development responds to the growing need for legitimate financial services within the sector, including secure cash management, business checking and savings accounts, electronic payment processing, and access to financing options.

What types of cannabis companies do you support?

Herring Bank offers its banking solutions to a wide variety of cannabis-related businesses, such as Dispensaries, Cultivation facilities, Manufacturing companies, and Armored Transport services, among others.

What is the banking Act for cannabis?

The banking act related to cannabis, known as the SAFE Banking Act (Secure and Fair Enforcement Banking Act), aims to provide “safe harbor” protections for financial institutions. This legislation seeks to enhance the marijuana industry’s access to banking, lending, and insurance services by protecting banks and other financial entities from federal prosecution or penalties for providing services to cannabis-related businesses operating legally under state laws.

What are the benefits of partnering with specialized financial institutions?

Partnering with specialized financial institutions offers cannabis businesses growth opportunities, enhanced banking efficiency, and strong compliance and regulatory support. This can help improve the overall financial management and stability of the business.

What Cities do you serve in Missouri?

Herring Bank offers Cannabis Banking Services to the following Missouri cities: 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, Ballwin.  The Bank has developed an extensive network of armored couriers to securely manage cash deposits for cannabis companies.

Ready to discuss how we can help you and your Cannabis Business in Missouri?

Cannabis Banking Where You Need It

Hemp Banking

Colorado Cannabis Banking & Armored Courier Services:

Colorado Springs, Denver, Aurora, Pueblo

California Cannabis Banking & Armored Courier Services:

Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Oakland,

Other Markets We Provide Armored Courier & Cannabis Banking Services to:

Alabama, Alaska, Albany, Albuquerque , Anaconda, Billings, Boston, Bozeman, Buffalo, New York City, Detroit, Flagstaff, Grand Rapids, Gulfport, Jacksonville, Jersey City, Las Cruces, Miami, Montana, Newark, Santa Fe, Oklahoma City, Las Vegas NM, Portland, Silver City, Carlsbad, Philadelphia, Phoenix, Scottsdale, Clovis, Orlando, Tulsa, Ann Arbor, Colorado, New Mexico, Michigan, Illinois, Massachusetts, Minnesota, Missouri, Oregon, Virginia, Washington, Nevada,

Want to learn more about Safe Harbor and the Safe Banking Act?

Safe Harbor & The Safe Banking Act