By Erica El Hilali, Vice President, Treasury Management

Cannabis is poised to become a major economic driver in Minnesota. And while the industry continues to evolve, one thing remains constant: Without access to reliable banking, even the most promising ventures can hit a wall.

Let’s face it: Cash-only operations are risky, costly, and nearly impossible to scale. That’s why choosing the right banking partner matters.

It's not just another task on the to-do list; it’s the foundation for building a legitimate, scalable business. And as the state’s adult-use market takes shape, financial institutions will play a vital role in keeping operations safe, efficient, and positioned for growth.

The Problem: National Banks Aren’t Built for Minnesota Cannabis

Many national or out-of-state institutions simply can’t serve cannabis businesses due to federal restrictions or internal risk policies. And those that try often operate from a distance, lacking the local knowledge, relationships, and flexibility to meet Minnesota entrepreneurs where they are. That distance can lead to delays or compliance errors. 

The Solution: The Power of a Local Bank

Thankfully, there is another option: a local, state-chartered bank like Bridgewater Bank.

At Bridgewater, we’ve been preparing for this moment for years because we saw the same opportunity you did. As entrepreneurs ourselves, we understand what it takes to build a successful business, and we knew you would need a trusted financial partner who truly understands the opportunities, and challenges, of this evolving industry.

Here's why working with a local, state-chartered bank isn’t just convenient; it’s a strategic advantage:

1. Proximity that Opens Opportunities

A state-chartered bank operates under Minnesota’s regulatory authority, which gives it the flexibility to serve cannabis-related businesses in a way national banks cannot. Local banks like Bridgewater are part of the same ecosystem. We know the regulators, the community, and the roadblocks you’re likely to face.

When your banker can walk through your facility, engage in local industry events, and connect you with trusted accountants, attorneys, or compliance specialists, that’s more than service. That’s partnership. 

2. Local Knowledge that Drives Smarter Compliance

Minnesota’s cannabis framework is complex and constantly evolving. With detailed requirements around licensing, tracking, and financial reporting, compliance isn’t optional; it’s essential.

Because Bridgewater has been closely following the development of Minnesota’s Office of Cannabis Management and state regulations, we’re well-positioned to help ensure your business meets expectations from day one. That preparedness reduces risk and builds credibility with investors, regulators, and your community.

3. Relationship Banking that Provides Stability

When you bank with Bridgewater, you’re known by name, not account number. We take the time to understand your goals and challenges, so we can provide tailored solutions that grow with you.

That relationship matters through every stage of your business, as needs evolve, regulations shift, or new opportunities arise. Having a dedicated team who knows your story makes all the difference.

4. Preparedness that Powers Your Success

As I previously mentioned, our team has been preparing for Minnesota’s legalization process long before the first licenses were issued. Bridgewater has built a compliance-based cannabis banking program informed by best practices from mature markets and aligned with Minnesota's state regulations.

That readiness means you’ll be working with bankers who not only understand cannabis but who are passionate about serving this growing industry and helping entrepreneurs like you thrive.

5. Local Investment that Fuels Community Growth

When you bank with a Minnesota-based institution, your deposits stay right here, fueling local projects, small businesses, and community growth. Bridgewater reinvests in the same communities where our clients live and work, because we believe strong local partnerships lead to stronger local economies.

6. Tailored Financial Solutions that Propel Growth

From treasury management and payment processing to secure cash handling, we’ve designed a full suite of banking tools to meet the realities of cannabis operations. Our approach is simple: listen first, understand your goals, and build solutions that work for you.

Because every cannabis business is different, we take pride in offering flexibility, responsiveness, and a relationship-first mindset that helps you stay focused on what matters most: growing your business.

You deserve a responsive partner who understands your evolving industry and the nuances of your business, one who can help you navigate an ever-changing regulatory landscape. Choosing a local, state-chartered bank means choosing stability, transparency, and a true partnership.

If you’re launching or expanding a cannabis business in Minnesota, now is the time to establish your banking relationship. Let’s build a foundation for your success, rooted in trust, compliance, and partnership>>> https://bridgewaterbankmn.com/inquire

Learn more about our Cannabis Banking Program >>> bridgewaterbankmn.com/cannabis-banking