Despite the illegality of medical and recreational marijuana at the federal level, over 700 banks and credit unions filed paperwork with the U.S. government earlier this year acknowledging relationships with licensed cannabis companies.
According to the National Organization for the Reform of Marijuana Laws (NORML), that number represents a slight increase from the first quarter of 2021. However, it remains below the totals reported in the first quarter of 2020. The Treasury identified 553 banks and 202 credit unions, representing 11% and 4% of the respective U.S. institutions, that are "actively providing banking services to marijuana-related businesses."
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