BayCoast accepts marijuana-industry deposits

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BAYCOAST BANK, one of its Rhode Island branches shown here, is one of the few banks in the area that openly court deposits from marijuana-related businesses. The Swansea, Mass.-based community bank decided to take the step nearly a year ago as more marijuana-related businesses were opening after Massachusetts began licensing recreational marijuana dispensaries, in addition to medical marijuana dispensaries previously legalized in Massachusetts and Rhode Island./COURTESY/BAYCOAST BANK
BAYCOAST BANK, one of its Rhode Island branches shown here, is one of the few banks in the area that openly court deposits from marijuana-related businesses. The Swansea, Mass.-based community bank decided to take the step nearly a year ago as more marijuana-related businesses were opening after Massachusetts began licensing recreational marijuana dispensaries, in addition to medical marijuana dispensaries previously legalized in Massachusetts and Rhode Island./COURTESY/BAYCOAST BANK

Legalizing marijuana is one thing, banking on it is another. At least one bank in the area, however, is venturing into those waters – BayCoast Bank. The Swansea-based community bank has created a “cannabis division” to accept deposits from the marijuana industry in Massachusetts, which allows recreational use by adults, and Rhode Island. The latter

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