More banks gain a foothold in cannabis

“It’s a marathon, not a 100-yard dash.” 

The methodical approach to developing a cannabis banking program described by Stearns Bank Director of Cannabis Banking Services Michael O’Neill is playing out in a number of ways at the St. Cloud, Minn.-based bank.

The nationally-chartered Stearns has experienced strong loan growth during its pilot cannabis banking program, launched last October. To prepare for the rollout, the bank hired four experienced Denver-based cannabis bankers, including O’Neill.