MSOS - Growing number of US banks working with cannabis companies
2023-09-18 17:55:55 ET
A record number of U.S. banks and credit unions reported working with cannabis businesses in the second quarter of the year, according to new federal data.
The Financial Crimes Enforcement Network (FinCEN) put the number at 812, up from 807 in Q1.
FinCEN also compiles data on marijuana-related businesses through suspicious activity reports, which US financial institutions are required to file given that cannabis is not legal on the federal level. Through the first two quarters of 2023, ~38.7K reports were filed. At this rate, it will outpace 2022's total of ~72.8K reports.
California was the state with the most marijuana SARs at 3,757. Oklahoma was second with 2,531 SARs. That state has only legalized medical marijuana.
The FinCen data comes as the Senate Banking, Housing, and Urban Affairs Committee will mark up the SAFE Banking Act the week of Sept. 25 .
Multi-state operators: Cresco Labs ( OTCQX:CRLBF ), Columbia Care ( OTCQX:CCHWF ), Trulieve Cannabis ( OTCQX:TCNNF ), Curaleaf Holdings ( OTCPK:CURLF ), Green Thumb Industries ( OTCQX:GTBIF ), MedMen Enterprises ( OTCQB:MMNFF ), Acreage Holdings ( OTCQX:ACRHF ), Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ), and Jushi Holdings ( OTCQX:JUSHF ).
Cannabis ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Amplify Seymour Cannabis ETF ( CNBS ), ETFMG Alternative Harvest ETF ( NYSEARCA: MJ ), AdvisorShares Pure US Cannabis ETF ( MSOS ), and Global X Cannabis ETF ( POTX ).
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- States brought in $3.8B in marijuana tax revenues in 2022
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Growing number of US banks working with cannabis companies