Many banks remain leery despite legalized cannabis

TAKING THE LEAD: Swansea-based BayCoast Bank is one of the few banks that has offered financial services to cannabis-related businesses in Massachusetts, and BayCoast Senior Vice President and Chief Financial Risk Officer Gary J. Vierra says the bank is doing the same in Rhode Island as retail cannabis sales ramp up.
PBN PHOTO/MICHAEL SALERNO
TAKING THE LEAD: Swansea-based BayCoast Bank is one of the few banks that has offered financial services to cannabis-related businesses in Massachusetts, and BayCoast Senior Vice President and Chief Financial Risk Officer Gary J. Vierra says the bank is doing the same in Rhode Island as retail cannabis sales ramp up.
PBN PHOTO/MICHAEL SALERNO
As recreational cannabis sales take off in Rhode Island, opening and running a business still isn’t exactly simple for these merchants. For one, a delayed appointment process for the state’s Cannabis Control Commission has set back potential opening dates for all but the state’s preexisting medical marijuana compassion centers, which can automatically double as retail…

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