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Alabama Cannabis Banking

Expand your cannabis-related business with industry-leading Alabama cannabis banking. Safe Harbor Financial is a trusted cannabis bank nationwide.

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Going without basic financial services? Forced to run your business solely in cash? Such stories are not unheard of in the cannabis industry. Despite record profits, cannabis-related businesses (CRBs) nationwide are refused financial services by major financial institutions due to federal prohibition.

Enter Safe Harbor Financial. Since 2015, we’ve served the marijuana industry, delivering all the financial services CRBs need to thrive. We’ve earned a reputation for our impressive services, generous loan program, and personalized cannabis banking advice. We’ve helped hundreds of businesses — now, we’re ready to help you.

Our Alabama hemp banking services include checking and savings accounts, online banking, consumer payments, electronic tax payments, direct deposit payroll, and more.

Hundreds of businesses have benefited from our support. We’ve processed more than $12 billion in cannabis-related funds in eight years, managed nearly 600 accounts, and operated in 20 states nationwide.

We’re an industry leader in recreational and medicinal cannabis and hemp banking. Experience financial services you won’t find anywhere else — join Safe Harbor Financial today.

Alabama Marijuana Banking Services

Financial services are the bedrock of a successful business. Everything from paying employees to filing taxes is reliant on this lynchpin. We’re committed to providing key financial services to struggling CRBs. Members can expect all the basics, including checking accounts and electronic tax payments. 

Additionally, every member is assigned a personal banker to manage their account, and we liaise with local authorities and experts to ensure you receive up-to-date regulatory information. 

Our full range of Alabama marijuana and hemp banking services include: 

  • Checking and savings accounts
  • Online banking with 24/7 account access
  • Personal financial advisors
  • Electronic tax payments
  • Consumer payments
  • Cash management accounts
  • Cash pick-up and delivery services
  • Investment options
  • Employee accounts
  • Direct deposit payroll
  • ACH payment and origination options
  • Wire services
  • Financing

Marijuana Banking in Alabama: Current Rules and Regulations

Currently, marijuana in Alabama is illegal for recreational use. Several attempts to legalize medical marijuana were attempted in 2012 and 2015. However, in 2012, the Darren Wesley ‘Ato’ Hall Compassion Act was passed, allowing the use of cannabis with a physician’s recommendation.

Nevertheless, no sale of raw plant materials that could be smoked or vaped or food products such as cookies and candies is allowed. Physicians may prescribe tablets, capsules, tinctures, and other medicinal treatments.

Despite its stringent criteria, the legislation paves the way for businesses to engage in various activities related to the marijuana industry, including cultivation, processing, testing, transportation, and sales within the state, which can significantly impact the Alabama marijuana banking sector.

While cannabis legalization is ongoing, following the 2018 Farm Bill, hemp is no longer a controlled substance in Alabama. Defined as containing less than 0.3pc THC, hemp growth and CBD extraction is a booming business for Alabama CRBs. Moreover, policy HB 393 allows not only hemp cultivation but also the manufacture of hemp cloth, paper, fuel, and other goods.

Navigating these complex regulatory waters requires an established bank. We are intimately familiar with Alabama’s rules and regulations governing CRBs. We’ll work closely together to ensure you stay on the right side of the law.

Speak to our team about how we can help your business.

Open Your Account

Open your account today and take your cannabis business to the next level!

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Frequently Asked Questions

How do I join Safe Harbor Financial’s cannabis banking in Alabama? +

We invite all legal and legitimate CRBs to apply to join Safe Harbor. Please submit your applications via our website. You’ll need to complete the following steps:

  1. Submit your application
  2. Document check and due diligence
  3. Interview, site inspection, and in-depth business review

We also ask you to submit the relevant documentation when applying:

  • All business documents (including bylaws and operating agreements)
  • Your marijuana license or certificate and a complete copy of your license application
  • Your IRS EIN Certification Letter

Please get in touch with our team for any further questions about Safe Harbor or the application process.

What types of cannabis-related businesses do you serve? +

We serve all sectors of the cannabis industry, including hemp and CBD businesses. We’ve pioneered hemp banking in Alabama for the following businesses:

  • Growers, manufacturers, and CBD extraction
  • Cannabis biotechnology firms
  • Dispensaries and retailers
  • Cannabis associations
  • Service companies
  • Cannabis industry consultants
  • Landlords and ancillary
Do you have a loan program? +

Yes. Capital investment is critical to growing a successful business. Finding loans through major financial institutions is next to impossible, however. Speak to your personal advisor to learn more about our loan program or refer to the loan application page.