Cannabis Banking

Cannabis Banking Solutions

Name: Ponce Bank Headquarters
Address: 2244 Westchester Ave Suite 1, Bronx, NY, 10462, US
Telephone: +1 718-931-9000

Our team of experts deals with all aspects of cannabis banking. From operating accounts to cash management solutions, make us your go-to for cannabis banking development and growth.

Our Most Popular Services

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Our Services

Ponce Bank's Most Popular Services For Small Business!

Pre licensed Cannabis Checking Account¹

For businesses looking to obtain their state license.

Licensed Cannabis Checking Account¹

For state-licensed cannabis businesses.

Personal Banking Relationship

Small business is the beating heart of our community. You’ll get the same personal Ponce Bank service that’s made us first choice for hundreds of small businesses throughout our area.

Frequently asked questions

Are banks allowed to provide services to cannabis-related-businesses?

Federal illegality coupled with State legality provide an unfortunate visibility challenge for financial institutions. While the landscape to bank cannabis related business is growing, there is still limited banking space. Ponce Bank, as a CDFI understands the needs to service the under-banked in our community and beyond. Which was the driving factor in Ponce Bank adopting a cannabis banking program.

What cannabis industries does Ponce work with?

The Ponce Bank program is built to not limit the ability to service all cannabis related business, including but not limited to our local farmers, larger cultivators, processors, testing facilities, distributors and dispensaries.

What information do I need to get started?

Before meeting with one of our Cannabis Relationship Managers, please have the following information on hand:
- State Issued Cannabis License
- Application for a state license
- Documentation detailing all beneficial owners of the business
- State-issued identification (i.e. Driver’s license) for all account holders
- Articles of incorporation, a business plan, or other business formation documents
- Bank statements from the last six months
- Financial information and operational data of the business
Please note that your relationship manager may ask you to provide additional documentation depending on the nature of your business.

What is the SAFE Banking Act?

The SAFE Banking Act, which passed the U.S.House of Representatives in May 2020, allows banks to serve cannabis-related businesses. The Act specifically prohibits federal banking regulators from penalizing banks who service the needs of cannabis-related business. The bills yet to be passed by the U.S. Senate.

You have cannabis related questions, we have answers.

We provide unique services tailored to business types such as

Dispensaries, Cultivators, Processor, Wholesalers, Distributors, Testing labs and Hemp businesses.

Apply for an account today

Want to manage your business more effectively?

Check your account balance in real time

Deposit your check on your phone

Report a Lost Card

Manage your Debit Card Transactions

Courier Cash Services²

Our secure transport vehicles cash and checks at your location of business.

Merchant services⁴

Our Merchant Services solution will give your cannabis business the capability of receiving payments from your customers.

ACH CreditOriginations

Streamline your payments. Schedule payments in advance, and easily manage recurring payments.

Domestic Wire Transfers³

Send money fast through Online Banking.

Positive Pay

Our Positive Pay service helps detect and deter check and ACH fraud.

Green Check Verified

Backed by leading Fintech for compliant banking solutions

Great option for most small businesses – free business checking with no monthly service fees.

Learn More

Why Bank A Ponce Bank for Cannabis

Will you always keep more than $1,500 in your business checking account? – Earn interest on your checking deposits.

Regulatory Challenges: The federal illegality of cannabis poses significant challenges for banks wanting to serve cannabis-related businesses. Traditional banking services are often unavailable due to regulatory concerns. Acknowledging this as a challenge, Ponce Bank has decided to offer a full slate of traditional commercial deposit banking services to its cannabis related businesses.
Compliance Solutions: Ponce Bank partnered with Green Check Verified to implement compliant cannabis banking solutions. GreenCheck Verified provided tools and expertise to navigate the regulatory complexities and ensure adherence to state and federal regulations by storing and tracking your business documents and providing reminders when they are due for renewal.
Risk Management: Cannabis banking involves inherent risks due to the legal ambiguity surrounding the industry. Ponce Bank worked with Green Check Verified to establish robust risk management protocols to mitigate compliance risks effectively while monitoring seed-sale-activity.
Enhanced Transparency: Green Check Verified's solutions enabled Ponce Bank to achieve greater transparency in their cannabis banking operations. This transparency is crucial for maintaining compliance and building trust with regulators and stakeholders.
Operational Efficiency: Implementing compliant cannabis banking solutions streamlined Ponce Bank's operations. Automation and integration provided by Green Check Verified reduced manual tasks and improved efficiency in managing cannabis-related accounts.
Customer Experience: Despite the regulatory challenges, Ponce Bank prioritized providing a positive customer experience for cannabis-related businesses beginning with a simple discussion so we may understand you and your business, so we may learn how to better service you. Each one of our cannabis related clients are assigned a personal Cannabis Relationship Manager.
Long-Term Viability: Ponce Bank's partnership with Green Check Verified demonstrates a commitment to the long-term viability of cannabis banking. By investing in compliance solutions, we position ourselves to also grow with the cannabis industry while mitigating regulatory risks.

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Discover the power of Community Banking for Cannabis related businesses.

Apply for your account today and discover why more and more people and businesses have learned to Love Local Banking℠

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Latest Blog Articles

Difficulties Finding Cannabis Financial Services

Cannabis Banking Docs You Need To Get Started

Products, services, terms and conditions subject to change without notice.

¹CRBL is Cannabis Related Business Licensed Checking Account and CRBPL is Cannabis Related Business Pre-Licensed Checking Account. There is no minimum opening deposit or minimum balance requirement for this account. These accounts feature an earnings credit which may reduce fees incurred on the account. Earning credits are used to offset fees but excess will not be credited to the account or carried over to the next billing cycle. Ask us for details. Bank rules and regulations apply. Other fees such as non-sufficient funds, overdrafts, sustained overdraft fees, etc. may apply. See CRBL and CRBPL limits & fee disclosure schedules for details.

²Required armored courier service. Services offered through a third party vendor. Separate courier fees may apply. Ask us for details.

³Restriction on international transactions. Ask us for details. Bank rules and regulations apply. See business schedule of fees for details.

⁴Services offered through a third party vendor