Chicago Cannabis Banking

Expanding your business in the cannabis industry relies on having easy access to financial services. Whether it be opening a checking account or setting up electronic payroll, Safe Harbor has the full range of services needed to help your business grow.

With most cannabis businesses being underbanked, Safe Harbor was established to step into the void left by the major financial institutions. Indeed, while the recreational sale of cannabis is legal in Illinois, federal prohibition prevents access to the top banks. 

Over the past seven years, Safe Harbor Financial has worked tirelessly to bridge this divide. We’ve processed more than $12 billion in cannabis-related funds, managed hundreds of accounts, and operated in over 20 states nationally.

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

Contact our expert team for more information about joining Safe Harbor Financial. With our help, we can take your business to the next level.

We’re at the forefront of marijuana banking in Chicago

As Illinois’s principal city, medical and recreational cannabis is legal in Chicago. After decriminalization in 2016, and recreational legalization in 2019, Chicago is beginning to develop a burgeoning cannabis industry. More than 700 applications were submitted as part of the second round of newly awarded dispensary licenses; and $3.2 million was spent on the first day of legal recreational sales. 

With a colossal population and vibrant tourism industry, Chicago is perfectly situated to become a major cannabis hub in the Midwest. It already led the nation by being the first state to legalize recreational sales by an act of the state legislature.

It’s expected that when fully mature, the Illinois cannabis industry will generate $2 to $4 billion in annual revenue – the majority in Chicago. To take advantage of this opportunity, cannabis businesses will need to partner with an institution capable of navigating the growing market and ensuring complete regulatory compliance.