‘Big Win’: CA Pot Operators Welcome New Banking Law

Tracy Brenner is familiar with the frustrations that cannabis operators can experience when trying to access banking services.

Brenner, who opened her Lotus River dispensary this year in Lompoc, a city on California’s Central Coast, initially started a business account with Wells Fargo; the bank shut it down almost immediately after her name appeared on the state’s list of cannabis licensees. She began exploring smaller banks and credit unions that seemed amenable to working with cannabis companies, but they presented their own challenges.