Massachusetts bank willing to accept deposits from some cannabis businesses

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At least one bank in Massachusetts is willing to do business with medical marijuana companies.

Swansea-based BayCoast Bank said it will take deposits from MMJ businesses, according to the Boston Business Journal.

BayCoast Bank is offering to work with medical marijuana companies – as well as MMJ businesses that have entered the state’s new adult-use market.

Here’s what you need to know:
  • BayCoast Bank, which has operations in Massachusetts and Rhode Island, is taking on four or five medical cannabis companies and is reportedly open to working with those firms if they transition to adult use.
  • A representative from the bank declined to disclose to the Business Journal which cannabis companies it is working with, but it has dedicated three workers to the cannabis sector.
  • The state’s two operating rec businesses, New England Treatment Access and Cultivate, as well as Salem’s Alternative Therapies Group, which is scheduled to open Dec. 15, have a banking solution. All three declined to say what bank or banks they are using.