Lack of banking hinders R.I.’s cannabis sector

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OPENING THE DOOR: Frederick Reinhardt, CEO and president of Greenwood Credit Union, says the Warwick credit union started providing services to cannabis-related businesses in part because of safety concerns over operating a large all-cash enterprise. / PBN PHOTO/MICHAEL SALERNO
OPENING THE DOOR: Frederick Reinhardt, CEO and president of Greenwood Credit Union, says the Warwick credit union started providing services to cannabis-related businesses in part because of safety concerns over operating a large all-cash enterprise. / PBN PHOTO/MICHAEL SALERNO
The cannabis industry may be expanding in Rhode Island, but these types of businesses still struggle to find financial institutions that will provide financing or even take their deposits and open checking accounts. It’s a challenge that many in the industry say must be worked out as Rhode Island leaders consider legalizing recreational marijuana and…

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