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 to cannabis companies in the recreational sector.
Credit Union Services Could Get Millions in Cash Off The Streets
The Boston Globe is reporting that GFA Federal Credit Union, a federally chartered small credit union, will provide banking and financial management services to Massachusetts cannabis companies. The announcement makes GFA the first financial institution in the state to open its doors to the retail cannabis industry and comes after more than a year of preparations and research into making it work.
“We’re looking at cannabis business as a legitimate business that wants to be recognized as such and