The number of commercial banks, credit unions or savings institutions offering the services grew from 337 in January 2017 to 715 in June 2019, as the industry expanded with the start of legal recreational marijuana sales in Nevada, Massachusetts and California, according to data from the Financial Crimes Enforcement Network (FinCEN), a regulatory agency under the Treasury Department.
“We’re now hearing it, and we are seeing it,” said Sammy Dorf, founder and chief growth officer of Verano Holdings. “The new catalyst might be coming and that would drive the markets for the growth of cannabis industry.”
Published: October 14, 2019
Founder & Interim Editor of L.A. Cannabis News