Number Of Banks Working With Marijuana Businesses Stabilizes Following Multi-Quarter Decline

The number of banks and credit unions that report working with marijuana businesses remained stable over the last quarter, according to recently published federal data.

For the last three quarters of 2020, those numbers had been consistently declining—due partly to revised reporting requirements from the Financial Crimes Enforcement Network (FinCEN) and also because of the coronavirus pandemic. But things seem to have stabilized over the most recent two quarters.

As of March 31, there were 684 banks and credit unions that filed reports saying they were working with cannabis clients. That’s the exact same number from the previous quarter, though it’s still down from a peak of 747 in late 2019.