Many plant touching and ancillary businesses in the cannabis industry now utilize banking services from traditional banks. It is unclear how many plant touching and/or ancillary businesses self-report their involvement in the cannabis industry when opening accounts, but those banking establishments willing to provide financial services to cannabis operations charge enhanced premiums for the privilege. While the vast majority of ancillary businesses (62%) and 42% of plant touching businesses report monthly banking costs more in line with traditional banking services ($100 or less), the most recent data shows that approximately 40% of plant touching operations are spending over $500 a month for banking services (with 10% reporting monthly costs of $2,000 or more).
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Andrew Robinson is a Principal in the Real Estate Law And Transactions group. He focuses on land use cases as well as areas of administrative and construction law. Mr. Robinson has experience representing clients facing homeowner association, landlord-tenant or construction disputes. He has assisted clients in processing subdivision and condominium development as well as in planning and zoning matters. Additionally, clients turn to Mr. Robinson for complex real estate transactions, commercial leasing, and general litigation.
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