Cannabis Business Banking in New Hampshire
- New Hampshire Cannabis
- Cannabis Business in NH
- Cannabis Business Banking in New Hampshire
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Oversight and Regulation of Cannabis Banking in New Hampshire
Cannabis banking in New Hampshire is overseen by several entities. The New Hampshire Banking Department monitors state-chartered financial institutions for compliance with state and federal laws but does not specifically regulate cannabis banking. The state’s Therapeutic Cannabis Program (TCP) regulates dispensaries, known as Alternative Treatment Centers (ATCs), indirectly influencing financial practices and compliance.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in NH | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Chase (CBD Only) | Bank |
| First National Bank of Pasco | Bank |
| GFA Federal Credit Union | Credit Union |
| Green Check | FINTECH |
| Needham Bank | Bank |
| Safe Harbor Financial | FINTECH |
- Are you a New Hampshire-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Who Needs Cannabis Banking in NH?
The cannabis industry is incredibly diverse, and every business type has its own financial needs. Some examples include:
- Cultivators growing and harvesting cannabis plants
- Processors turning raw cannabis into oils, edibles, and other products
- Testing labs ensuring products meet safety and quality standards
- Dispensaries and retailers selling products to consumers
- Ancillary businesses providing support services like legal advice, marketing, and security
Payment Processing Solutions for Cannabis Businesses in New Hampshire
Cannabis businesses in New Hampshire face significant payment processing challenges due to federal cannabis prohibition. Here’s how they manage:
- Cash Transactions: Cash is the most common payment method as traditional banks often avoid cannabis businesses. Dispensaries invest in safes and surveillance to secure funds.
- Third-Party Processors: Businesses may use cashless ATMs or e-wallets, though these solutions face regulatory scrutiny.
- Cannabis-Friendly Banking: Some banks offer limited services like deposit accounts, often with higher fees to cover compliance costs.
- Cryptocurrency: A few businesses explore cryptocurrency, though adoption is limited due to its complexity and volatility.