12 Dec Banking on Marijuana: Study Reveals Public Perception of Serving the Legal Cannabis Industry
It’s no secret that the legal marijuana industry is exploding right now. With U.S. sales expected to crest $7 billion by the end of the year, and eight new states joining the growing ranks of states where marijuana is legal in some form, the “green rush” is clearly on.
Yet, because marijuana is still illegal at the federal level, the willingness of banks and credit unions to navigate the regulatory risks and scrutiny remains tentative. The results of the presidential election and suggested cabinet appointments has also cast some doubt on the industry’s prospects.
And while Americans’ acceptance of legal marijuana is rapidly growing, understanding and overcoming concerns of public perception is equally challenging for financial institutions.
We wanted to know:
- How would serving marijuana-related businesses impact a financial institutions reputation?
- Would it see the mass exodus of existing members and customers or, would it, instead, be an acceptable move?
To find our answers we went to the source — the public. We partnered with DHM Research to conduct a first-time study on the public’s perception of banks and credit unions providing financial services to the legal marijuana industry.