CANNABIS Banking and financial services iN

Access secure, compliant business banking and specialized financial services in Minnesota with Safe Harbor—the platform built exclusively for cannabis operators.

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Safe Harbor is the established leader in cannabis banking and financial services in Minnesota, with more than $26 billion in funds processed since launching the nation’s first compliant program in 2015.

We serve Minnesota's legal cannabis community, including cultivators, processors, dispensaries, secure transporters, and testing laboratories, with full-service solutions built around licensed operators’ needs. Our foundation is in cannabis business banking, offering checking accounts, cash flow support, lending, digital payments, and mobile banking, all delivered with unmatched compliance expertise.

Beyond banking, Safe Harbor provides a full suite of financial services to help operators stay financially healthy and grow. These include back-office operations support, compliance and audit preparation, financial reporting, strategic advisory, and CFO-level guidance. Every service is designed to meet the regulatory demands and operational realities of cannabis businesses across Minnesota.

Cannabis Legalization and Regulation in Minnesota

Minnesota legalized adult-use cannabis in August 2023 through House File 100. Adults 21 and older may legally possess up to 2 ounces of cannabis flower in public, up to 2 pounds at home, 8 grams of concentrates, and edibles containing up to 800 milligrams of THC. Public consumption is limited to private residences and certain approved venues. Driving under the influence remains illegal.

Home cultivation is permitted. Adults may grow up to eight plants per household, with a maximum of four mature plants at any time. Plants must be kept out of public view and secured.

Retail cannabis sales are not yet available but are scheduled to launch in 2025 under the oversight of the newly created Office of Cannabis Management. Licensing will cover cultivators, processors, wholesalers, transporters, microbusinesses, retailers, and event organizers. The law prioritizes social equity applicants, particularly those impacted by prior cannabis convictions or who come from communities disproportionately affected by prohibition.

Minnesota’s medical cannabis program, in place since 2014, continues alongside adult-use. Registered patients may purchase higher THC products and access a wider range of formulations, including flower, oils, capsules, and edibles. Patients also benefit from tax exemptions and medical-use protections.

Hemp-derived THC products, including hemp edibles and beverages, have been legal since 2022 and remain a large part of the market. Under the new law, these products will be regulated by the Office of Cannabis Management with requirements for testing, packaging, and age restrictions. Intoxicating cannabinoids must move through licensed channels.

For cannabis operators, Minnesota’s launch presents significant opportunities but requires preparation. Businesses seeking banking and financial services will need to demonstrate strict compliance, including license verification, tax IDs, ownership structures, operating agreements, and financial statements. Cash-intensive operations must plan for secure armored transport, deposit scheduling, reconciliation, and audit-ready recordkeeping. Banks and service providers will expect anti-money laundering policies, transaction monitoring, and compliance reporting. With retail sales set to begin in 2025, operators should align their financial systems now to avoid disruption once commercial sales are active.

The Office of Cannabis Management oversees all adult-use, medical, and hemp-derived cannabis regulation. For official program details, licensing updates, and compliance resources, visit:
https://cannabis.mn.gov

Frequently Asked Questions

What type of cannabis businesses do you work with in Minnesota?
Are Safe Harbor banking and financial services compliant?
What other financial services do you offer to cannabis businesses in Minnesota?
How long does it take to open a cannabis banking account?