Cannabis-Friendly Services
How My Cannabis Job
Cost Me My First Home
Letters from our readers
The EVOLUTION Magazine Newsroom
Editor’ s Note: Recently, we received a letter from a reader telling us how he was denied an FHA home loan because he works for and derives income from a cannabis business. Cannabis remains federally illegal. Unfortunately, we’ ve heard of this happening to cannabis industry workers since the inception of Missouri’ s legalization, and it’ s quite unfair, particularly given the fact that the Fed is not opposed to receiving tax payments from cannabis workers or the industry. There are canna-friendly banks and mortgage companies, and we’ ve included a few at the end of Nick’ s story. Here is Nick’ s story about being denied a home loan.
I
’ m Nick, and I’ ve worked part-time at a licensed dispensary in Missouri for the past several years. I started the job as a second income, but it quickly became something I cared about. I started working there back when dispensaries were just starting to open for medical sales. I got to watch the industry grow, met patients and customers who rely on this plant, and be part of something meaningful.
Recently, I was preparing to buy my first home. I did everything right— built my credit, saved what I could, and got approved for an FHA loan. That loan made the process feel possible, with a lower down payment, manageable terms, and the kind of help most first-time buyers rely on.
But just days before closing, I was told I was no longer eligible for the FHA program because part of my income comes from legal cannabis work. Even though I work for an amazing licensed, tax-paying business in a legal state, the federal loan program couldn’ t accept my income.
The FHA support I was counting on— the option designed for firsttime buyers— was denied. That left me with only one path forward: a traditional mortgage with much higher upfront costs. It wasn’ t financially possible, and just like that, the deal fell apart.
And this wasn’ t because I did anything wrong. I followed every rule, paid all taxes, and presented every document. I just happened to work in a legal industry the federal system still refuses to acknowledge.
It hit me hard. I wasn’ t trying to cheat the system or cut corners. I was just trying to build a life and home, and I got shut out for being part of an industry I believe in. I know I’ m not alone. There are thousands of Missourians working in cannabis: dispensary staff, growers, packagers, inventory leads, and executives— all doing legal work that still isn’ t treated as legitimate when it matters most.
Cannabis workers pay state and federal taxes on their income, like everyone else. But when it’ s time to access support— like loans, grants, or even basic recognition— we’ re often left out. That disconnect has real consequences for people trying to move forward.
I’ m not sharing this for sympathy. I’ m sharing it because these gaps in policy affect real people with real-life goals. I hope my story helps raise awareness for anyone else who might be navigating the same system challenges in silence.
I remain proud to be part of Missouri’ s cannabis industry, and I believe workers like us deserve equal access to the same opportunities as everyone else.
Best wishes, Nick.
Cannabis-friendly Banking Options
If you need help with cannabis-friendly banking, we have compiled a list of several options below. You can also do an online search for“ Cannabis Friendly Banks, Missouri” and discover more options. When it comes to home loans, FHA is not an option currently for cannabis workers. The best option is to research the best competitive mortgage rates from non-traditional banking businesses.
Here is a list of Missouri Banks and Credit Unions that offer banking services to Cannabis, CBD, and Hemp Businesses.
● Amalgamated Bank
● Bison State Bank
● BMO Bank
● Chase( CBD Only)
● Element Federal Credit Union
● Farmers Bank & Trust
● First Citizens Bank
● Focus Bank
● Green Check
● Herring Bank
● Needham Bank
● Regent Bank
● Safe Harbor Financial
● Shore United Bank
Learn more about cannabis-friendly banks and more resources at https:// missouristatecannabis. org / business / banking.
32 August 2025