New Hampshire may shift to a state banking system instead of current national banking options. A new banking system would help more small businesses, and the state’s marijuana industry. State banks are owned and operated by the state, making loan processes easier.
State banks would also be able to offer financial services to marijuana industry businesses, according to the Concord Monitor. Banks operating within the federal banking system remain hesitant to work with marijuana businesses because marijuana is still a federally illegal substance.
Operating as cash-only is dangerous and leaves the marijuana businesses vulnerable to burglaries.
For now, the focus is on keeping the state afloat during the COVID-19 pandemic. Marijuana industry professionals are hoping that this potential banking option becomes reality in 2021.