The number of banks and credit unions reportedly working with cannabis companies is at a record high, according to data from the federal financial watchdog.

The Financial Crimes Enforcement Network (FinCEN) saw an increase in the number of financial institutions ready to support marijuana enterprises despite the federal ban. 

In the second quarter of 2023, a total of 812 financial institutions reported working with cannabis businesses, up from 807 in the first quarter and 782 in the corresponding quarter of 2022, noted its quarterly report.

According to Marijuana Moment’s Kyle Jaeger, there are several reasons for such an uptick …

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