5 Lessons from 5 Years in Cannabis Banking

5 Years in Cannabis Banking and 5 Hard Lessons Learned from Charlie Weiler, Sales Manager at Dama Financial by LeafLink

In cannabis, change is constant. From compliance updates to market fluctuations to ever-evolving consumer trends, this industry is anything but predictable, especially when it comes to cannabis finance.

After five years working directly with operators on their financial needs, I’ve seen it all: account closures with no warning, fee structures worthy of a law school exam, and reporting requirements that put an incredible burden on the business. But I’ve also seen how the right banking relationship can transform a business, giving operators the stability and support they need to adapt and grow.

Here are five hard-earned lessons every cannabis operator should know when it comes to banking:

Lesson 1: Don’t Settle for Bad Service

We all know cannabis requires flexibility, and you need a bank that can keep up. Whether you’re pushing out a last-minute wire for a bulk order or managing a sudden cash-flow crunch, your bank should pick up the phone when it counts. Poor service isn’t just annoying– it can cost you money, deals, and momentum. Cannabis operators deserve the same urgency and professionalism that any mainstream business expects. Banking options in cannabis are limited. There’s no denying it. But good options are out there if you know where to look, and you never have to settle for bad service.

Lesson 2: Reporting Shouldn’t Be a Full-Time Job

We all know cannabis is heavily regulated, but that doesn’t mean operators should spend hours reconciling basic transactions just to keep an account open. A smooth user interface with real-time reporting is key to saving time, money, and month-end headaches. Banks that don’t integrate with your state’s track-and-trace system, like Metrc and Biotrack, are creating unnecessary bottlenecks. Automation and transparency should be the standard, not the exception.

Lesson 3: Trust Is Everything

Hidden fees are rampant in cannabis banking. I’ve seen operators charged “compliance” or “handling” fees with zero explanation. If your bank’s fee schedule is buried in fine print, or delivered with a shrug and “it’s not that bad”– it’s time to move on. Transparent, compliant, and fair financial services should be a right, not a luxury. Fees will vary by banking partner, but that fee should match the value. Some banking partners will have higher fees, but the expectation of services will be higher. That can come in the form of white-glove customer service reps, high-quality features (that actually address your business needs), or in-house tools that make their offering unique. At the end of the day, if your banking partner isn’t honest about their fees right away, it’s hard to trust that they’ll deliver on other fronts, too. 

Lesson 4: Mobile Access Is Non-Negotiable

Cannabis operators aren’t tied to desks. Your financial tools should move with you, whether you’re walking a grow, checking in at a retail location, or on the road. A good banking partner should offer a seamless, modern mobile app, remote check deposits with practical limits, debit card access, and real-time alerts. If you’re still mailing checks or calling in transfers, your bank is behind the curve. This also consumes a tremendous amount of time and effort for operators who are often short-staffed. Mobile access is not new technology and operating a business without this tech can really hold you back.

Lesson 5: A Cannabis Bank Shouldn’t Box You In

Operators face enough restrictions as it is. A bank that caps your deposits, limits access to your own funds, or demands 100% exclusivity is only adding to the red tape. Flexibility isn’t just nice – it’s essential to growing your business. You need a partner who understands your operating rhythm and works with you, not against you. 

The cannabis industry is maturing fast, and so are the expectations of its operators. As we move toward broader legalization and financial normalization, cannabis banking must evolve from a compliance checkbox into a value-added partnership.