With the legal framework surrounding CBD business, your neighboring bank may reject any CBD-related transactions. Cannabis in recent times is beginning to gain traction in the world of business. People are now more interested in its legal status within the US and the business opportunities it may bring for them.

When referring to cannabis and its benefits, have it in mind that THC which is a cannabidiol content of cannabis tends to get more attention.

Cannabis was removed from the schedule I controlled substance list by the Texas Department of State Health in 2019 following the implementation of the federal farming bill in 2018, which also removed CBD from the controlled substance list.

House Bill 1325, which outlines hemp production, testing, and cultivation regulations was passed in June 2019. This bill was adopted to align with the rules of federal law concerning CBD products. This entails that Texas now has its own cannabis law, making CBD legal in the state.

In Texas, products can be grown, possessed, and sold as long as they contain a THC content of less than 0.3%. This liberty has created numerous opportunities in the cannabis industry. With the emergence of CBD, there has been growth in the number of CBD-friendly banks.

A good number of banks and other financial institutions in the state of Texas do not have anything to do with CBD products for a period of time. There are various reasons for such conservatism. But even though things are a bit shaky, CBD-friendly banks will become more available as time goes by.

Cannabinoid products have well-noted medical potential, and it would be quite awful for the government to neglect them. If you are looking to open or you already own a CBD business in Texas, here are top CBD-friendly banks to work with.

6 Best CBD-friendly banks In Texas

  1. First Citizens Bank

This is a well-known hemp-friendly bank with market specialists who have a good understanding of the financial challenges you and your industry face. Owing to their years of experience, the dedicated hemp banking team will help you navigate the complicated nuances of the current environment.

They also offer proactive account monitoring to optimize stability by reducing the risk of interrupting banking services. Aside from that, they also provide quality banking services with fair and transparent terms and pricing.

  1. Chase Bank

Chase bank is another top bank that offers an open invitation to CBD businesses in Texas. This bank is CBD-friendly, and they are yet to start offering their payment processing services. According to reports, the bank might be waiting for a new legal framework that would make the CBD niche less precautious.

  1. Herring Bank

This is an FDIC-insured institution that started serving the marijuana-related business, related entities, hemp, and hemp derivatives industry in April 2019. Since then, they have built a multi-state program that caters to the needs of related businesses in over 20 states.

Headquartered in Amarillo, Texas, Herring Bank has branch locations in Texas, including Grand Prairie, Vernon, Azle, Clarendon, and Seymour, in Colorado (Colorado Springs), and in Oklahoma (Altus). They have grown outside their branch footprint to other Texas cities such as Dallas, Houston, Austin, San Antonio, and McAllen with the aim of serving the hemp and hemp derivatives industry.

  1. Keystone Bank

This bank has the ability to help others. According to reports, it has streamlined most of its processes, and this will create access to open a new account in its bank.

Aside from that, the company can help you manage daily transactions, establish a safety net for emergencies, analyze your daily activities and provide feedback, help control company cash inflow and outflow, and provide loans for businesses. Have it in mind that a cannabis company can benefit a lot by utilizing its resources and expertise.

  1. Silicon Valley Bank

No other bank is as proactive, forward-thinking, and CBD-friendly as Silicon Valley Bank. This institution is always focused on innovation and technological development. This is one of the reasons it is open to the idea of catering to the needs of CBD organizations.

According to the Bank, CBD products are categorized as wellness substances. Owing to that, it is willing to offer the same service to CBD companies as it would to healthcare providers. Another reason you should consider working with Silicon Valley Bank is that it publishes regular reports, which the government leverages to improve its clients’ needs.

  1. Bank of the West

This is another top bank to consider in Texas. It offers home loans, car loans, RV loans, and a variety of other services. It helps the cannabis industry by providing new financial incentives to entrepreneurs. An interesting thing about this institution is that it donates 1% of all its earnings to protect the environment.