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Credit card restrictions curbing cannabis sector

CREDIT ­ISSUES: Spencer Blier, left, CEO and founder of Mammoth Inc., one of Rhode Island’s licensed cannabis cultivators, in his facility with one of the Mammoth technicians. Because the federal government has not legalized cannabis, banking services and credit card processing are difficult to come by for businesses in the industry. 
PBN FILE PHOTO/MICHAEL SALERNO
CREDIT ­ISSUES: Spencer Blier, left, CEO and founder of Mammoth Inc., one of Rhode Island’s licensed cannabis cultivators, in his facility with one of the Mammoth technicians. Because the federal government has not legalized cannabis, banking services and credit card processing are difficult to come by for businesses in the industry. 
PBN FILE PHOTO/MICHAEL SALERNO

People’s Credit Union CEO and President Sean Daly says major credit card companies and financial institutions remain cautious about entering the legal cannabis industry, which is projected to reach $40 billion this year. Some credit unions, on the other hand, smell opportunity. PCU has issued a number of commercial loans to Rhode Island and Massachusetts

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