CANNABIS Banking and financial services iN

Access secure, compliant business banking and specialized financial services in Rhode Island 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 Rhode Island, with more than $26 billion in funds processed since launching the nation’s first compliant program in 2015.

We serve Rhode Island’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 Rhode Island.

Cannabis Legalization and Regulation in Rhode Island

Rhode Island legalized adult-use cannabis in May 2022 through the Rhode Island Cannabis Act. Adults 21 and older may legally possess up to 1 ounce of cannabis in public and up to 10 ounces at home. Adults may also cultivate up to six plants (three mature and three immature) for personal use, provided cultivation is in a secure, private location. Public consumption is prohibited, and impaired driving remains illegal.

Retail sales launched in December 2022. Dispensaries, known in Rhode Island as compassion centers, now operate as hybrid retailers serving both medical patients and recreational consumers. The Rhode Island Cannabis Control Commission oversees licensing for cultivators, processors, retailers, and testing facilities. The state has also built equity into its program by reserving a portion of new licenses for social equity applicants and worker-owned cooperatives.

The medical cannabis program, established in 2006, continues alongside adult-use. Registered patients may purchase higher possession limits and benefit from tax exemptions. Patients can also designate caregivers and grow plants at home under medical rules.

Hemp and hemp-derived CBD products are legal in Rhode Island if they contain no more than 0.3% THC. Intoxicating hemp-derived cannabinoids such as delta-8 THC are restricted and regulated under the state’s cannabis framework when intended for human consumption. All cannabis and hemp products must meet state testing, labeling, and packaging standards.

For cannabis operators, Rhode Island is a competitive but growing market. Licensed businesses seeking banking and financial services must provide state license verification, ownership records, tax IDs, operating agreements, and financial statements. Banks and compliant service providers will expect detailed cash-management plans, including armored transport, deposit reconciliation, and audit-ready compliance procedures. With Rhode Island’s emphasis on transparency and equity, operators should also prepare for robust AML/BSA monitoring, tax compliance, and ongoing reporting.

The Rhode Island Cannabis Control Commission regulates adult-use and medical cannabis. For official licensing guidance, program updates, and compliance resources, visit:
https://cannabis.ri.gov

Frequently Asked Questions

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