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Credit Union Cuts Off Cannabis Caregivers
PORTLAND, Maine — "Now they're saying, OK, we'll go back to no banks, just put your money in shoeboxes," said caregiver storefront owner Andrew Pettingill, who runs Evergreen Cannabis Company in Portland.
Last week, Pettingill got an email from his bank, cPort Credit Union, saying they would close his account on July 31. According to that email, obtained by 8 Investigates, the credit union is cutting ties with all medical marijuana caregiver storefronts.
A caregiver storefront is smaller than a medical marijuana dispensary. They have different licensing requirements but are otherwise regulated in the same manner.
In that notice, cPort President and CEO Kelsey Marquis wrote, "as banking regulatory expectations continue to evolve, we have carefully reassessed our risk exposure and concluded that this change is necessary to ensure ongoing compliance with federal and state expectations."
Marijuana is still illegal at the federal level, so many national banks won't work with dispensaries. Local credit unions have been a lifeline for recreational and medical cannabis businesses alike. With few other options, cPort could leave hundreds of small business owners without a financial institution.
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