10 Things to Look for in a Cannabis Banking Partner

Your guide to better cannabis banking

The cannabis industry can offer a fun, dynamic and lucrative opportunity to start a business. It also comes with its own unique set of challenges, from strict and ever-changing regulations to risky, cash-heavy operations. But there are a lot of untapped opportunities, too. That’s why it’s more important than ever to have the right people on your team–especially when it comes to finances.

Here’s the basic truth: not all cannabis banks are created equal. In fact, most traditional banks weren’t built for our businesses. Not only do they often lack basic functions and features we need to survive, they also can put us at risk of sudden account closures when they change leadership or switch up their policies. 

So whether you’re just getting started or looking to level up, here’s what to look for in a cannabis banking partner:

1. Compliance, compliance, compliance

If your cannabis bank doesn’t have in-house compliance experts or advanced software to keep you on the right side of federal and state regulations, it’s a ticking time bomb. Ask them how they handle filings, suspicious activity monitoring, and regulatory updates.

2. A solution built for cannabis

You need a bank that understands compliance headaches, cash logistics, and what it takes to keep your doors open. Loads of traditional banks try their hand at cannabis banking, but then abandon ship or offload their customers when they decide it’s not for them. Look for a bank with years of experience working with businesses like yours so they don’t slow you down–and you don’t end up switching partners every year or so.

3. First class customer service

We all know cannabis can be unpredictable, and not just on the compliance side. Sales can be through the roof one minute and stagnant the next. If you need an urgent wire transfer or same-day deposit, you need a partner that can help you out, fast. Plus, real cannabis finance experts can always suggest new tools or features that set you up for the future or help you weather a storm. That’s why a cannabis bank with white-glove customer service is key. 

4. Trust and transparency

We’ve all seen those fee schedules that are long and confusing by design. And the cheapest option often becomes the most costly through hidden fees, inefficient operations and bait and switch deals. A good cannabis banking partner is upfront and transparent – what you see is what you get. Make sure your bank’s fees are clear, easy to understand, and predictable so you can budget with confidence.

5. Seamless reporting

Managing cannabis inventory is already complicated—banking shouldn’t be. The best partners integrate with your state’s track-and-trace system, verify deposits automatically, and eliminate hours of monthly reconciliation. Bonus points if they can help you better track and secure your cash.

6. Digital-first banking

This is 2025. A banking app should be a requirement, but that’s not enough to keep up with a fast-paced business. You should have full digital access—desktop and mobile apps with state-of the-art user interfaces, mobile check deposits that don’t have crazy low limits, secure debit and credit cards, and different permission levels for your team. If your bank has outdated software or still requires phone calls and paperwork for every little thing, keep looking.

7. A partner that lets you control your money

Regulations are strict enough. Your bank shouldn’t add more by capping deposits or demanding 100% of your funds. If you want multiple accounts, to make large remote deposits, or to pay vendors in cash, that’s your business—not theirs. The best partner can also streamline your cash operations while helping you access your funds faster, so you can truly control your finances from end to end. 

8. A bank that helps you thrive, not just survive

As your business grows, so do your financial needs, and you deserve more than a bank that just keeps you afloat. Make sure your banking partner offers flexible payment services, integrations and tools to help you scale—without nickel-and-diming you for every upgrade. Ask your bank if they provide business funding lines and interest-bearing accounts to secure the future of your business.

9. Security that goes beyond the basics

With large cash deposits and sensitive data, security is critical. Look for banks with multi-factor authentication, encrypted transactions, and real-time fraud monitoring. Some partners even offer Smart Safe options to help secure cash onsite, reduce the risk of theft and fraud and save you time and money on handling cash.

10. Reputation and references

Not all cannabis-friendly banks are truly cannabis-friendly. Talk to other operators. Read the fine print. If you hear horror stories about frozen accounts, surprise fees or sudden shutdowns, you may want to move on. You can even check their roster–banks may have thousands of customers, but how many of them are cannabis businesses? With ever-improving options available, you don’t have to settle for traditional or outdated institutions handling your business. 

At the end of the day, the right cannabis banking partner doesn’t just store your money—they keep your business safe and commit to helping it grow. At Dama Financial by LeafLink, we built our solution for cannabis operators from day one, from security and compliance to flexibility and growth. With transparent pricing, convenient cash ops, integrated reporting, and more, we worked hard to provide the finance solution every cannabis business deserves.

Ready to see what better banking looks like? Talk to an expert.