Chart: Ranks of US banks serving cannabis firms growing, but data may overstate true number

July 8, 2019

The number of financial institutions actively banking marijuana-related businesses in the United States is rising, but the true number is far fewer than U.S. Treasury data indicates, according to one industry executive.

Data released by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) shows the number of banks and credit unions actively banking marijuana-related businesses has increased steadily, reaching 633 institutions at the end of the first quarter versus a little more than 400 at the start of 2018.