Cannabis Financial Services Survey
Bretton Woods, Inc. is conducting a nationwide survey to determine the current state of financial services for the legalized cannabis industry. Concurrently, Shield Compliance is conducting a survey of cannabis related businesses to understand their perspective on access to financial services.
While financial services access has improved over the past few years, it remains constrained due to state and federal legal and regulatory conflicts. As cannabis companies grow, in size and complexity, the services they require are evolving. The study will provide valuable insights of banks and credit unions to cannabis related businesses looking for access to financial services.
At the conclusion of these surveys, the financial services provider survey will be grouped by classification (community, regional or large) and geographic region (Northeast, Southwest, etc.). The individual participants will be anonymized. A white paper discussing the findings will be written.
Your participation is greatly appreciated. There are 28 questions which should take approximate 10 to 15 minutes to complete.
To obtain a free copy of the report, please provide your contact information at the end of this survey.
Survey from the Management Advisory and Research firm, Bretton Woods, Inc. See
1. Do you provide services to the Cannabis Industry?
2. If Yes, what type of business?
State Licensed Cannabis Business
3. If No, do you plan to offer financial services to Cannabis Related Businesses when the state and federal regulatory environment becomes favorable? If you do, please continue with the survey.
4. Describe your organization.
Federally chartered commercial bank
State chartered commercial bank
Community Development Financial Institution (CDFI)
5. What is the size of your organization?
6. Where is your organization headquartered?
7. Are you responsible for or involved in the strategic market decisions for your bank or credit union?
8. What position do you hold in your company?
Risk and Compliance
9. How long have you worked with the cannabis industry?
Less than 1 Year
10. Please check the states where you offer cannabis banking services?
11. What business category best matches your cannabis customers?
Distribution, wholesale delivery
12. What type of licenses do your cannabis customers have?
Both Medical & Adult Use
13. Has the COVID-19 crisis impacted your cannabis customers’ business?
14. Have you offered assistance to these customers during the Covid-19 crisis?
15. If yes, please describe what assistance you have provided?
16. Considering the COVID-19 crisis, what are your expectations for your customers overall cannabis sales in the next six months?
About the same
17. What financial services do you/would you offer your cannabis customers?
DDA Operating Account
Line of Credit
Real Estate Loan
18. Please indicate the compliance software you are using for your cannabis customers.
19. What system(s) are your CRBs' using to interface with your systems?
20. Please indicate your organization’s level of satisfaction with your cannabis customers.
Neither satisfied nor dissatisfied
21. Are you dedicating a higher level of compliance (BSA/AML) resources to these businesses?
22. If yes, what do estimate the costs the bank incurs to service each cannabis related customer?
23. How would you compare the monthly fees charged to your cannabis customers to other business customers?
Far above average
Far below average
24. Have your cannabis customers changed financial service providers to bank with you?
25. What were the main reasons your cannabis customers switched to your bank/credit union?
Better knowledge of the cannabis business
Better financial terms
Dissatisfaction with current service
Previous provider exited business
26. What are your expectations for increasing your cannabis related customers for 2021?
About the same
27. How would you rate the financial services regulatory environment in your market?
Staying the same
28. What are your general concerns working with your cannabis related customers for 2021?
All information will be anonymized and the data you provide will only be identified by size as community, regional or national and region of the country. To receive an advanced copy of our report, please provide your contact information. Thank you.
Send me a copy of my responses.
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