Cedar Rapids Cannabis Banking

Conceived in 2015 with a simple but ambitious goal, Safe Harbor Financial set out to save the nascent cannabis industry from the clutches of an underbanking crisis. Due to federal prohibition, cannabis-related businesses (CRBs) cannot open accounts or use services with any major financial institution (because of excess paperwork or prosecution fears). 

Only specialized financial institutions, like Safe Harbor, opened their doors to CRBs, providing a much-needed lifeline for the fast-growing industry. 

We’ve spent the past seven years developing a range of services best suited to the cannabis industry’s needs, including checking and savings accounts, online banking, consumer payments, electronic tax payments, direct deposit payroll, and more. Small wonder that we’ve earned a reputation for regulatory excellence and personalized banking. 

We’ve been busy. Operating across 20 states, processing more than $12 billion in cannabis-related funds, and supporting nearly 600 accounts have ensured we’re ready to take more businesses to the next level. Our lessons and guidance were instrumental in guiding Colorado’s fledgling cannabis industry. Now, we’re applying our experience to marijuana and hemp banking in Cedar Rapids.

Let our team advise and support your CRB – join the Safe Harbor Financial family today.

Experienced unparalleled marijuana banking in Cedar Rapids

Cedar Rapids is a small but thriving city in the heart of Iowa’s agricultural industry. Alongside its flourishing arts and cultural scene, the city’s economy is going from strength to strength. For CRBs, however, matters are more complicated.

Recreational cannabis in Iowa is illegal. In contrast, medicinal marijuana is legal for sale, as are CBD oil and hemp products. The latter, in fact, was legalized in 2019 in response to the 2018 United States Farm Bill, allowing the growth and sale of industrial hemp (defined as cannabis with 0.3% or less THC).

Considering feral hemp grows wild all over Iowa, there’s a significant opportunity for a whole host of businesses, from growers to extractors to retailers operating in the hemp-CBD-medical marijuana industry.

What’s needed is an experienced financial institution to provide top-quality regulatory advice and financial support. By choosing Safe Harbor Financial, your business will be perfectly placed for if and when Iowa decides to legalize recreational cannabis (as local opinion polls seem to indicate).

Become a member of Safe Harbor Financial today to enjoy marijuana and hemp banking in Cedar Rapids.