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.
A Republican majority in the U.S. House of Representatives doesn’t have to – and shouldn’t – be an obstacle to ending harmful laws that hobble legitimate marijuana businesses in Massachusetts, and the banks and credit unions that serve them.
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.
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.
U.S. Attorney General Jeff Sessions earlier this month rescinded the Cole Memo, an Obama administration guidance that essentially said the federal government would not interfere with marijuana programs in states in which they are legal.
Century Bank has been the only known bank in Massachusetts willing to do business with marijuana dispensaries. But apparently there are others.
Hudson-based Calare Properties earlier this month acquired a 34,000-square-foot warehouse in Littleton for $2.7 million and secured a 10-year lease with medical marijuana provider Premier Health Group LLC for the entire building.
