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Cannabis Banking

Grow Your Cannabis-Related Business

The emerging legal cannabis industry is filled with opportunity. Stearns Bank offers equipment financing, loans, and banking solutions to help develop and manage your Cannabis-Related Business (CRB). 

Cannabis retail dispensary

Who We Serve

We recognize the challenges you face as a Cannabis-Related Business (CRB) and are experienced in serving a wide range of CRB and ancillary entities, including:

  • Retail stores
  • Laboratories 
  • Manufacturers
  • Retailers
  • Cultivators/cultivations 
  • Transporters/distributers 

What We Finance

Agricultural Equipment: Tractors, plows, and other items used for soil prep, planting, and harvesting of crops.
Processing Machines: Chopping, cutting, sorting, and extracting equipment that process plants into a usable form. Commercial cooking equipment and rolling machines are also an option.
Lab Equipment: Equipment used for potency testing, mycotoxin analysis, extraction and testing.
Vehicles: Forklifts, skid steers, trucks, trailers, cargo vans, and other state-law-abiding vehicles used for delivery. 

What We Will NOT Finance: 

We support many aspects of operations, but there are some limitations within the CRB industry, including: Sprinkler systems, heating and air systems, computer and IT equipment, security equipment, lighting projects, and any other type of build out, disposables, inventory, or soft cost collateral.

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Real Estate Loans

We offer financing for real estate loans, covering land purchase, cash-outs, and refinancing. Enhance or enlarge your facilities and business, or grow through acquisition.

Construction Loans

With cannabis regulatory and organizational structures in mind, our team keeps construction loans moving through the construction process and manages all required documentation across multiple parties.

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Business Banking

With BusinessGreen checking and other business banking account options, manage your business's finances with accessible online and mobile banking technology.  

Personal Banking

Your personal banking needs, and those of your employees, matter. Our personal banking products and services including savings, checking, CDs, financial wellness tools, and more. 

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Available Services

Ensure your operations move smoothly with a range of services designed for CRBs.  

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  • Employee accounts
  • Ancillary programs
  • Online banking with 24/7 account access
  • Currency/coin fulfillment
  • Cash pick-up and delivery services
  • Cash Vaults with next day provisional credit – Smart Safes
  • Online Wire Transfer
  • No hidden fees or deposit fees
  • Positive Pay

  • Sweep Accounts
  • Autobooks
  • Electronic Tax payments
  • Nationwide ATM network
  • Nationwide checking and savings accounts
  • Online ACH payment and receiving options
  • Dividend bearing checking accounts and CD options
  • NACHA file uploads
  • NCUA federally insured deposit accounts

Why Stearns Bank?

We believe everyone deserves the opportunity to succeed in business.

Dedicated Cannabis Banking Team

Icon-Team of Experts

We understand and monitor industry changes, challenges, compliance processes and requirements.

Tech-Driven Platforms

Icon-Technology

Innovative documentation processes and review systems streamline your loan application experience. 

Digital Banking

Icon-Mobile Banking

Easily manage your banking activities from anywhere with the StearnsConnect digital banking platform.

Frequently Asked Questions

How long does it take to finalize a loan or to open a bank account for a cannabis related business?

The time it takes to finalize a loan can vary based on several factors, including the complexity of the loan, the completeness of the documentation provided, and the responsiveness of all parties involved. Generally, the process can take anywhere from a couple weeks to a couple months. For opening bank accounts, a week or two is a reasonable expectation. Our team works diligently to ensure a smooth and efficient process, keeping you informed every step of the way.

What makes Stearns Bank different?

Stearns Bank focuses on you and your business priorities. We are driven to ensure your immediate priorities and your vision and long-range plans for your business are achieved. At Stearns Bank, we are laser-focused on your vision and business growth plans, making sure your financing today fits your plans for tomorrow.

We work with speed and a sense of urgency, on your timeline. We mobilize our national lending teams and business loan and account specialists to execute to meet your timeline to achieve your vision.

In which states do you currently do business?

Stearns Bank N.A. has physical branches in Minnesota, Florida and Arizona, but we have loan and deposit customers in every state in the country. We’ve been lending nationwide for two decades without an extensive branch network by providing loans and opening bank accounts for businesses in every state through strong technology and risk management.

Do you need a cannabis license to open an account or to get a loan?

Stearns Bank N.A. provides lending and banking services to state-licensed cannabis-related businesses (CRB) in good-standing with the state(s) in which they are licensed to engage in the cultivation, manufacture or sale of cannabis, and cannabis-related products.

We also provide lending and banking services to “ancillary” businesses and those individuals and entities that are not involved in the production, distribution, testing or sale of marijuana but who do business with CRBs by providing lawful goods and services to CRBs.

If you are a CRB, you will be required to have a cannabis license to bank with Stearns Bank. If you are ancillary, as a business or individual that does business with and receives revenue from CRBs, we will require the CRB to have a state-issued license and be compliant with state laws and regulations.

Do you have CRB and Ancillary account fees and what do they cover?

Cannabis business banking accounts and loans require enhanced monitoring related to higher-risk transactions and still frequent cash-based transactional activity, which require elevated compliance staffing and costs. Accordingly, cannabis lending and accounts include reasonable fees related to the high regulatory compliance costs of providing this unique banking service. Contact us to learn about our monthly fees. You will find our fees reasonable and directly related to our elevated due diligence and ongoing monitoring required for cannabis banking.

Can I sign my documents remotely, without appearing in person?

Yes! Stearns Bank offers the most advanced, secure technology for your remote execution by electronic signatures, and it takes as little as 3 to 5 minutes to receive, sign and return your documents electronically. Using your email address or through the Stearns Bank Customer Portal, we can send documents to you electronically via DocuSign® to review, sign and return with electronic signature.

How do I make check deposits?

Stearns Bank provides remote deposit capture, and we have a very strong mobile banking platform for easy online and mobile deposits via an app.

How do I deposit company cash to my deposit account?

Retail cannabis businesses still tend to be cash-intensive, so Stearns Bank works with third-party licensed, bonded and secure armored transportation providers who are authorized to take cash directly to the Federal Reserve.  Once your account is opened, we will place you in contact with our authorized courier in your area to establish your pickup frequency and procedures. Additionally, it is your responsibility to execute the contract between your business and the courier for cash pickup services at your expense.

Does the company have to be a U.S. company to apply for a loan?

No. We finance projects and businesses in the U.S., and if a parent company, affiliate or owner and guarantor is a foreign company or resident of another country, that does not deter us from making a loan.

Cannabis Banking Services Team

Get in touch with Stacey Morgan
Stacey Morgan
Senior Compliance Manager
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Get in touch with Victoria Freeney
Victoria Freeney
Commercial Lender
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Get in touch with Jeanice Varner
Jeanice Varner
Compliance Manager
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Get in touch with Randy Shy
Randy Shy
Compliance & BSA Specialist
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Stearns Bank Awards

At Stearns Bank, our personal service, sense of urgency, strong financial management and consistent performance are recognized nationally.

Independent Community Bankers of America (ICBA)
Recognized as one of the top-performing banks in the nation by Independent Community Bankers of America.
Monitor Top 100
Listed among the Monitor 100 largest equipment finance companies.
American Banker Best Banks to Work For
Ranked in the top 20 on American Banker's Best Banks to Work For Listing.
Best Bank - StarTribune Minnesota's Best
Named Minnesota’s Best Bank & Best Ag Lender, three years in a row, by readers of the Star Tribune.
Great Places to Work. Certified.
This employee-validated distinction highlights our successful workplace culture efforts.