Locations & ATMs
Cannabis Banking
Flat-rate checking plus a competitive money market—cannabis banking made easy
Secure, compliant banking solutions for cannabis businesses.
As Minnesota's cannabis industry grows, so does the need for secure, compliant, and transparent financial services for licensed Cannabis Related Businesses (CRBs). Our dedicated cannabis banking program helps cultivators, processors, transporters, and dispensaries access the financial tools they need to operate confidently and sustainably.
Our team understands the unique requirements of cannabis operators and provides the stability, oversight, and support needed to keep your business moving forward.
Cannabis Checking
Our Cannabis Checking Account provides the secure operational foundation your business needs. This account helps streamline your daily transactions while ensuring you remain fully aligned with Minnesota banking regulations.
- Transparent Fees
- Earnings Credit
- Smart Safe Compatible
- Certified Cannabis Banking Specialist
Cannabis Checking
Features & Perks
- Flat-rate pricing with no per-item charges for transactions
- Earn a 2.00% earnings credit1 to help reduce the monthly service charge
- Receive provisional credit2 for deposits held within a smart safe
- Enjoy unlimited transactions3
- Monthly eStatement4 (paper statement available for a fee)
- Free ACH Origination transactions
Regulatory Compliance
Operate confidently knowing your account meets all Minnesota cannabis banking regulations.
Secure Cash Management
Enjoy safe, reliable cash deposit and withdrawal options, including armored transport and smart safe services (contracted by you through our service provider, Empyreal Logistics5).
Earnings Credit1
To help reduce the monthly service charge, we provide an earnings credit based on the monthly average collected balance in your account.
Transparent Fees & Easy Account Management
No hidden charges—manage your finances with clear, predictable pricing and robust account tools.
Digital Banking Convenience
Access your account 24/7 with online and mobile banking, pay vendors and employees with ACH origination, and initiate wire transfers.
Smart Safe with Provisional Credit Option2
A smart safe helps manage access to your cash assets at retail locations and can provide daily deposit crediting into your Bank of Elk River checking account.
Cannabis Checking
Requirements & Fees
$50 minimum opening deposit
$500 monthly service charge (can be reduced by the earnings credit)
$250 one-time account opening fee
$250 per month non-compliance fee (applicable only if you are deemed non-compliant with the account terms)
Must contract with Empyreal Logistics armored car service to transport currency5
Cannabis Money Market Account
Strengthen your cannabis business banking here in Minnesota with our Cannabis Money Market Account, built for licensed Cannabis Related Businesses. Earn competitive, tiered interest on higher balances while keeping your funds accessible through a secure, compliant, and locally-supported financial institution. This account provides Minnesota cannabis operators with a reliable way to manage liquidity and build reserves.
Cannabis Money Market
Features & Perks
- Interest compounded daily6
- Tiered interest rate7
- Free deposit and withdrawal slips or duplicate money market checks
- Free monthly paper statement
- ATM cash withdrawals
Cannabis Money Market
Requirements & Fees
$10,000 minimum balance
$1.50 debit item fee will be imposed for every withdrawal and/or transfer over six in a calendar month
Why Choose Us?
Secure, compliant checking with robust cash management solutions, digital banking tools, and dedicated support from knowledgeable bankers.
Ready to Get Started?
Contact Lynn Backlund, Certified Cannabis Banking Specialist
You can schedule an appointment to speak with our dedicated cannabis banking specialist today! We are also available by phone or email.
Frequently Asked Questions
Disclosures
1. The earnings credit is an internal bank rate, competitively priced, reviewed regularly, and subject to change monthly at the bank’s discretion. The earnings credit is applied toward the monthly service charge and transaction fees based on an average monthly collected balance. To qualify for the earnings credit, the cannabis account must be in full compliance with the terms and conditions laid forth in the account agreement. Additionally, if you use a smart safe, your credit will be calculated on 75% of your monthly average collected balance. The earnings credit does not have a cash value and does not carry over from month to month.
2. You will receive provisional credit for deposits held within the smart safe, starting the business day after they are reported to the bank. Smart Safe software/subscription contract with Empyreal Logistics is required at an additional cost. See the account agreement for additional details.
3. A transaction includes debits such as checks paid, ACH debits, debit card purchases, and deposits such as deposited checks and ACH credits. International transactions are not allowed for this account, and overdrafts are not allowed.
4. eStatements are digital statements delivered within The Bank of Elk River’s digital banking platform. A paper statement fee applies to customers opting for paper statements.
5. This account requires an active armored vehicle transport contract with our service provider, Empyreal Logistics, at an additional cost outside of the monthly service charge imposed by The Bank of Elk River.
6 Interest rates and annual percentage yields are variable and may change at any time at our discretion. Fees may reduce earnings.
7 This is a tiered rate account. Your interest rate and annual percentage yield is based on the tier in which your end-of-day balance falls.