Berkshire Jumps into Cannabis Banking
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.
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.
Financial technology company Green Check Verified, which has an office in North Haven, has launched a marketplace to help cannabis-related businesses identify service providers to meet their financial and business needs, including banking, lending, insurance, human resources, payroll and cash logistics.
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.
From retail stores and growers to delivery and transportation services, Connecticut’s incipient recreational marijuana industry will soon need somewhere to bank.
While working at a software firm that helped community banks and credit unions manage Dodd-Frank requirements, Mike Kennedy heard from executives who were looking for niche market opportunities to grow deposits and remain competitive against larger banks and fintech providers.
A New Haven-based company specializing in cannabis banking compliance has added a consulting service to help financial institutions launch cannabis banking.
A New Haven regtech firm that helps provide solutions for cannabis-related banking now has the support of the state’s main credit union trade association.