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.
Connecticut’s rollout of retail recreational sales is giving banks and credit unions a growth opportunity at a time when demand for loans from other sectors is slowing down.
A new poll commissioned by a trade group for community banks finds a large majority of voters think businesses in the marijuana industry should be able to access banking services in states where marijuana is legal.
From retail stores and growers to delivery and transportation services, Connecticut’s incipient recreational marijuana industry will soon need somewhere to bank.
Cynthia Merkle joined the Connecticut banking world only six and a half years ago, but she’s already had some notable accomplishments as Union Savings Bank’s first woman president and CEO. Last month, she became the first woman chair in the 120-year history of the Connecticut Bankers Association.
The federal regulator overseeing the credit union industry said lenders he oversees won’t be punished for providing services to marijuana businesses in compliance with state laws.
