The PBC Conference, Shield Compliance announced the results of its 2025 Financial Services Survey, offering new insights into the banking experiences and priorities of licensed cannabis operators across the U.S. The findings reveal progress in the delivery of financial services, while underscoring persistent challenges—and opportunities—for financial institutions. 

• Customer Service Satisfaction Remains Strong. More than 80% of respondents reported being satisfied or very satisfied with their financial institutions' customer service, and over 70% were satisfied with the compliance requirements imposed by their financial institutions.
  
  
• Credit Access Is Still a Priority. Despite overall high satisfaction, operators remain concerned about cash flow and profitability, with a strong demand for operating lines of credit. Nearly 25% indicated they may switch financial institutions in the next year—up from 18% in 2024—to improve cash flow by lowering fees or obtaining commercial credit.
  
  
• Fees Create Friction. Service charges are a major pain point. Half of the respondents expressed concern, and more than 20% reported being very dissatisfied.
  
  
• Payments Innovation in Demand. Nearly 60% of operators said they want stronger retail and B2B payment solutions respectively, signaling an opportunity for financial institutions to sponsor alternative payments providers.
  
  
• Regulatory Reform and 280E Relief Is Critical. More than 60% said cannabis rescheduling or relief from Section 280E would be vital to their long-term success. Notably, over 70% are exploring Employee Stock Ownership Plans (ESOPs) to ease the financial strain of 280E. 

"For qualified licensed cannabis operators, ESOPs offer a powerful way to strengthen employee loyalty, improve long-term profitability, and avoid the harsh financial pressures of 280E," said Scott Moskol, partner at BlankRome. "As liquidity remains at all-time lows, ESOPs also allow founders to 'cash out' by selling equity to employees, often financed through cash flow that would otherwise be absorbed by state and federal tax obligations." 

"The survey results highlight a paradox in cannabis banking," said Tony Repanich, president and CEO of Shield Compliance. "Operators value their banking relationships yet demand for credit access and payments innovation underscores significant opportunities for financial institutions ready to lean in, particularly as the creditworthiness of operators improves with market consolidation and regulatory reform."