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  • Epico Finance

Opening Bank Account for Your CBD Business

Updated: Mar 7

If you are wondering how to open a bank account for your CBD business, then please keep reading as we are going to share our tips and experience with you.

In recent years, CBD has seen a tremendous growth in terms of volume and adoption of CBD-based products, starting with nutrition to cosmetics and even clothing. According to this study, the market for CBD products in the EU and the US is growing at a rate of more than 30% per year.

Opening a Bank Account For CBD Business

However, this adoption is still in the infant stage when it comes to banks and opening bank accounts for CBD businesses.

Why are CBD businesses struggling with banking?

Between the traditional banks and their compliance and due diligence policies, CBD is widely misunderstood in regards to being a drug. However, digital banks are opening their minds in regards to what the differences are between THC and CBD and what the value proposition of the CBD business is.

Another reason is a high number of chargebacks or reversed payments. Naturally, a lot of banks attach a high-risk label to such business and carefully consider whether there is a necessary appetite for risk with such reversed payments or chargebacks.

Moreover, CBD and hemp cultivation are becoming mainstream agriculture businesses and should be treated as such. In some countries, it is supervised or even licenced activity that adds a layer of trust for digital banks.

Real Estate in CBD and Hemp Cultivation

In our consulting experience, we have seen a business model where some companies build facilities for CBD cultivation but do not grow the plants directly but rather rent their facilities to farmers who then grow the plant.

When we were helping our client open an account, we had to pitch the bank with a business plan and prove that the client was not directly involved in hemp cultivation.

It was strange that the bank was so reluctant, as several months ago we successfully opened an account for a CBD grower from Canada.

It is important to be clear about the main line of planned business and the purpose of the bank account. Our job as advisors is to help clients prepare for the bank’s due diligence and explain their business in as much light as possible.

CBD and Hemp Business Banking: How to Open an Account?

Anyone who has tried to open an account with a traditional domestic bank knows that it is a hard mission. Traditional banks are very slow and have increasingly difficult AML and KYC due diligence, and on top of all that, they are not familiar with CBD business.

An alternative strategy that we use to help our clients open accounts with reputable financial institutions is digital banking, or PSPs (EMIs). As we have a strong background in banking and a wide network of partners, we already know which institutions are willing to look at CBD and hemp businesses as potential clients.

In addition, we will land named accounts for our clients, and in some instances the IBANs will be from top-tier banks in the world such as JP Morgan, Barclays, Citi, or Goldman Sachs.

So if you are looking to open an account for your CBD and hemp business, reach out to us for a free consultation!


The CBD and hemp industries are rapidly expanding, and more businesses are discovering the need for international bank accounts, which are extremely difficult to obtain. Given all the complexities, there are still many options for bank account opening, especially with EMIs and digital banks. Send us an email, and we will reply with a list of CBD-friendly banks and payment providers.

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