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Now that 300-page cannabis bill has passed, regulators, others face monumental task getting industry off ground by 2022
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Social equity component of CT s new marijuana law could have major impact on industry s formation
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New Bedford Planning Board grants permit to recreational marijuana business
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Except if it’s the state’s medical marijuana industry.
Of the 146 banks and credit unions operating in the state, a mere five three banks and two credit unions are banking licensed marijuana operators, and to a limited extent, mainly focused on deposit services and cash management rather than loans, according to an industry expert.
Strict and costly compliance measures to ensure institutions don’t run afoul of federal law, which still deems marijuana to be illegal, are a key worry. Also playing a role is a conservative culture within many banks and concerns about offending certain clients, despite a growing public acceptance of the drug.