The legal cannabis industry is projected to top $7 billion in national sales this year—that was before voters in eight additional states tallied their support for legalized recreational or medical marijuana on November 8, 2016. Including Oregon, eight states have legalized recreational marijuana, while 29 have done so for medical use. Despite growing support for legalization and the industry’s robust economic growth in states permitting recreational use, only a small percentage of banks and credit unions currently accept deposits or provide banking services to marijuana-related businesses.
To better understand how the public views this dynamic, DHM Research and banking industry experts LT Public Relations partnered on groundbreaking research using Oregon—our own backyard—as a case study. The state legalized recreational marijuana on July 1, 2015, and as our study showed, Oregonians aren’t shy about their use: 26% said they had used a marijuana product in the last 30 days. Additionally, Governor Kate Brown has signed a bill that removed any state criminal liability from banks and credit unions that choose to do business with legal marijuana businesses.
From November 10 to 17, 2016, we surveyed nearly 800 Oregon residents regarding their opinions of the marijuana industry, financial institutions, and how collaboration between the two would shift their perceptions. Asked if their impression of their financial institution would change if it held deposits and made loans to various industries, Oregonians indicated that they see a partnership between financial institutions and legal marijuana-related businesses as desirable. Nearly nine in ten (87%) said that offering financial services to the legal marijuana industry would either not alter or improve their impressions of their financial institution.
For further analysis, please download our white paper or press release about the findings of the survey. You can also download the above infographic here. Please direct all media requests to email@example.com.
As always, you can find us and continue the conversation @DHMresearch!
About DHM Research
DHM Research is a non-partisan and independent public opinion and policy research firm with offices in Portland, Seattle, and Washington, D.C. The firm has been providing opinion research and consultation throughout the Pacific Northwest and across the United States for over three decades. DHM Research is a certified woman-owned minority business.
About LT Public Relations
LT Public Relations is a comprehensive communications firm based in Portland, Oregon. The firm partners with clients across the United States to deliver individualized communications strategies and relevant, results-oriented public relations initiatives. More information is available at www.ltpublicrelations.com.