Cannabis Business Banking in Tennessee
- Tennessee Cannabis
- Cannabis Business in TN
- Cannabis Business Banking in Tennessee
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Oversight of Financial Institutions and Cannabis Banking in Tennessee
The Tennessee Department of Financial Institutions oversees state-chartered financial institutions and ensures compliance with state and federal banking laws. Banks and credit unions operating in Tennessee must follow TDFI guidelines if they engage in cannabis-related transactions, such as handling accounts for hemp or CBD businesses. header for this
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in TN | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Chase (CBD Only) | Bank |
| Farmers Bank & Trust | Bank |
| First Citizens Bank | Bank |
| First National Bank of Pasco | Bank |
| Green Check | FINTECH |
| Safe Harbor Financial | FINTECH |
CBD and Hemp Businesses in Tennessee Face Their Own Struggles
Though hemp was federally legalized under the 2018 Farm Bill, the stigma surrounding cannabis continues to impact CBD and hemp businesses. Many financial institutions remain hesitant to serve these industries, citing regulatory uncertainties. While these businesses face fewer hurdles than their marijuana counterparts, finding banking partners willing to provide comprehensive services can still be a challenge.
Common Payment Processing Options for Hemp and CBD in Tennessee
- Specialized Payment Processors: High-risk processors provide tailored services with transparent pricing and compliance support.
- Third-Party Merchant Accounts: Designed for high-risk industries, these accounts integrate with e-commerce platforms for online and in-store payments.
- Local/Regional Banks: Some Tennessee banks work with compliant hemp and CBD businesses, emphasizing strong documentation and adherence to regulations.
- ACH Transfers and E-Checks: Cost-effective alternatives to credit cards, though less convenient for customers.
- Point-of-Banking Systems: Cashless ATMs process debit card payments as ATM withdrawals, bypassing credit card restrictions.