Cannabis Industry Underserved By Financial Institutions Though 80% Of Operators Expect Growth In Upcoming Years
Shield Compliance, a platform for cannabis banking, unveiled its annual survey results, and results are showing a disconnect between financial institutions and the cannabis industry.
Their findings show that despite evolving regulations and shifting attitudes toward cannabis, banks and credit unions struggle to meet the specific needs of cannabis-related businesses.
Persistent Challenges In Cannabis Banking Services
To begin with, Shield Compliance found that 83% of respondents are satisfied with the customer service received. But there’s more to this finding. Researchers found that most respondents are unlikely to refer other cannabis-related businesses to their bank or credit union. This is a significant given that recommendations are a much reliable way of measuring client satisfaction.
This reluctance is telling a different story on how banking is serving the cannabis industry: there’s a potential disconnection …