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).
ABOUT ANDREW ROBINSON
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
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 170 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
You can connect with Offit Kurman via our Blog, Facebook, Twitter, Google+, YouTube, and LinkedIn pages. You can also sign up to receive Law Matters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
MARYLAND | PENNSYLVANIA | VIRGINIA | NEW JERSEY | NEW YORK | DELAWARE | WASHINGTON, DC