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Massachusetts Credit Union to Provide Banking Services for Cannabis Companies

Massachusetts’ retail cannabis market is perhaps a week or two away. For Massachusetts’ cannabis consumers and business owners, the official start of retail sales has been a long time coming. For regulators and law enforcement, however, several major concerns remain unsettled. Chief among them is the well-known and oft-cited “cash problem,” the lack of access to federally-backed financial services that forces cannabis businesses to be cash-only operations. But swooping in like some deus ex machina less than a week before the Cannabis Control Commission is likely to greenlight the state’s first retail operation, one Massachusetts credit union will provide some key banking services t...

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