In 1998, Oregon became the first state to obtain voter approval to legalize medical marijuana (cannabis) use for certain medical conditions and treatments. In 2014, the state became the fourth in the country to legalize the recreational adult use of cannabis via the Control, Regulation, and Taxation of Marijuana and Hemp Industry Act. Voters also legalized possession, home cultivation, and retail sale of the substance. 

Both medicinal and recreational cannabis markets within the Beaver State are highly regulated and many cannabis-related businesses (CRBs) still struggle when accessing necessary resources for business operations, such as access to financial services. Specializing in serving underbanked industries such as the cannabis industry, Confia is your trusted partner when navigating complex federal regulations and the relationships between financial services and cannabis businesses. 

Cannabis Compliance in the Beaver State 

The Beaver State experiences a strictly regulated market. In 2015, state officials began creating a comprehensive regulatory structure for the sale and taxation of cannabis. After restructuring the state’s existing Oregon Liquor Commission into the Oregon Liquor and Cannabis Commission (OLCC), oversight regarding the market’s structure began.  

The OLCC operates to ensure adult-use cannabis products can be traced in the regulated market from their creation to their final point of sale. The OLCC additionally oversees licensing within the state and has no quota or maximum on the amount of licenses they will issue. OLCC-licensed retailers are required to use the program’s certified Cannabis Tracking System (CTS). to register cannabis processors and producers, wholesalers, and retailers. 

In addition to the cannabis industry, hemp in Oregon is also increasingly popular. The OLCC is responsible for regulations that apply to retail hemp products sold to consumers in the state. For example, the OLCC limits the amount of THC in hemp and artificially derived cannabinoid items (i.e. substances created synthetically from hemp or cannabis). 

Although the hemp and cannabis industries in the Beaver State generate mass amounts of yearly revenue, the illegal status of cannabis on a federal level makes it challenging for CRBs and other businesses in underbanked industries to access traditional banking services. At Confia, we understand the nuanced relationship status of high-risk industries; our team of experts is properly equipped to provide necessary services to high-risk and emerging underbanked industries. 

Confidence for the Underserved and Underbanked

Oregon presents one of the most popular cannabis industries in the country. As the state continues to navigate the complexities of cannabis and hemp legislation and regulation, Confia is dedicated to tackling the unique challenges faced by operating in Oregon. 

Confia sets a new standard in financial services, offering a wholly customizable commerce platform designed specifically for the diverse needs of underbanked industries to ensure business growth in the Beaver State. 

Our services include:

• • • Checking and savings accounts
    • Online commerce platform access
    • Payroll assistance
    • ACH payment and origination options
    • Wire services

Rest assured, Confia accounts are FDIC-eligible, offering an unlimited bank account balance for your peace of mind. Our team is equipped to offer superior financial support and strategic insights to help grow your business in the Beaver State. Our commitment to providing secure commerce services means you can confidently organize your business, expand payment options, and ensure compliance with ease.