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South Dakota Cannabis Banking

Unlock the Potential of the Cannabis Market with Safe Harbor, an Industry-Leading Bank specializing in South Dakota Cannabis Banking

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Welcome to Safe Harbor Financial, the leading bank specializing in South Dakota Cannabis Banking. We are dedicated to providing comprehensive banking services to cannabis-related businesses (CRBs) in the state, ensuring they have the support they need to unlock their potential and grow and thrive in the market.

Safe Harbor was founded in 2015 and has since grown to serve 20 states nationwide. Our experience and expertise in the industry have allowed us to process over $12 billion in cannabis-related funds and manage nearly 600 accounts. We are proud to be a trusted partner for CRBs across the country.

We understand the challenges faced by CRBs in traversing the complexities of cannabis banking in South Dakota. That’s why we offer services designed to meet their needs, from online banking with 24/7 account access to personal financial advisors and cash management accounts. When it comes to cannabis banking, no one offers better support and services than us!

Start your journey with us today. Contact us to learn how we can help your marijuana business thrive.

South Dakota Hemp Banking Services

We offer a wide range of services to South Dakota’s cannabis industry. Our goal is to provide comprehensive support to help CRBs navigate the challenges of the hemp banking landscape.

Here is a list of the services we offer:

  • 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

Whether you’re looking for a reliable banking partner or need help understanding the complexities of marijuana and hemp banking, Safe Harbor is here for you. 

Contact us today to learn more about how we can help your business succeed.

Marijuana Banking in South Dakota: Current Rules and Regulations

The state has specific industry rules and regulations, including marijuana banking. CRBs need to be aware of these laws and regulations to operate in compliance.

Medical marijuana was recently legalized in South Dakota on July 1, 2021. Recreational cannabis remains illegal — however, following the 2018 Farm Bill, hemp can be legally cultivated, harvested, and processed.

The primary agency regulating the cannabis industry is the Department of Revenue and the Department of Health, which oversee the Medical Marijuana Program. In addition, the state’s banking regulations are governed by the South Dakota Division of Banking.

We stay up to date on all the latest laws and regulations governing South Dakota marijuana banking, so our clients can focus on the day-to-day running of their businesses.

We are also committed to helping hemp businesses access financial services, from growers to CBD dispensaries.  Our expert team is highly knowledgeable and experienced in hemp banking. You can be confident that your banking needs are being met in compliance with all relevant laws and regulations.

If you have any questions about the rules and regulations governing hemp banking  or would like to learn more about how Safe Harbor can help, please don’t hesitate to contact us. Our goal is to make navigating the cannabis banking landscape as straightforward and stress-free as possible for our clients.

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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 South Dakota? +

All legal and legitimate CRBs are invited to apply to join SHF via our website. Please 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. 

Do you have a loan program? +

Yes, we understand the need for investment in the South Dakota cannabis banking industry. Our members can apply for financing via their financial advisors.

Refer to the loan application page for further information. 

Do you serve all types of marijuana-related businesses? +

Yes. Our services extend to every sector of the industry, including:

  • Growers, manufacturers, and CBD extraction
  • Cannabis biotechnology firms
  • Dispensaries and retailers
  • Cannabis associations
  • Service companies
  • Cannabis industry consultants
  • Landlords and ancillary