While important for the banking and cannabis industries, the bill is not as revolutionary as it seems. A long list of congressional to-dos remain to give the cannabis sector fair access to basic business protections and address social equity concerns.
A key U.S. Senate committee advanced legislation Wednesday that would write current regulatory policy into law that allows banks and credit unions to serve cannabis businesses and their workers in states where cannabis is legal.
Berkshire Bank’s foray into cannabis banking in Massachusetts signals opportunity still exists for banks to serve marijuana-related businesses not just in the state, experts say, but also in other “booming” markets around it.
Berkshire Bank is launching a cannabis banking unit as it tries to take advantage of an “underserved” market in Massachusetts, New York, Connecticut and Rhode Island.
Massachusetts’ banks and credit unions continue to enter the cannabis banking field. The draw: existing customers now serving the marijuana industry and perceptions of an underserved market for cannabis business lending.
Cathy Corby Iannuzzelli has worked at the intersection of technology and financial services before “fintech” was even a word. Now, she’s leading the launch of KindTap, a first-of-its-kind payments service for the cannabis industry.
A Boston-based fintech has launched a new service that would bring consumer credit payments to the state’s marijuana businesses for the first time.
The New England Council, a business-minded organization that maintains close ties to members of Congress from the six northeast states, last week voiced its support for federal legislation to protect banks working with state-legal marijuana companies from federal regulatory penalties
While working at a regtech firm, Mike Kennedy heard from bank and credit union executives who were looking to remain competitive against larger banks and fintech providers. The conversations gave him an idea: Marijuana regtech Green Check Verified.
Two of the main financial institutions in Massachusetts that bank marijuana businesses are planning to expand their services.
The state of New York is encouraging state-chartered banks and credit unions to establish banking relationships with with fully-compliant medical marijuana-related businesses.
A medical marijuana dispensary that has operated in the Central Massachusetts town of Leicester since late last year became the first business licensed to sell non-medical marijuana in Massachusetts.
As a senior vice president at Wachovia and then Morgan Stanley during the dark months of the 2008 and 2009 financial crisis, Derek Peterson watched as colleagues lost their jobs and life savings and wondered if he was next.
