Dedham Savings recently added loan financing to its cannabis banking product portfolio in Massachusetts, to support its growing portfolio of clients with cannabis-related businesses in the state.
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 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.
While the Massachusetts banking and lending industries had entered 2022 expecting to feel effects from inflation and potentially higher interest rates, the rapid changes to economic conditions came without warning.
Needham Bank plans to move to a new Medford location that will include a full-service branch and expanded space for its cannabis banking business.
Needham Bank has acquired the cannabis banking and money service businesses that Eastern Bank inherited from its November merger with Century Bank.
Dedham Savings has launched a cannabis banking business, offering deposit accounts to licensed cannabis-related businesses in Massachusetts.
