Gary Vierra - Providence Business News

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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 card restrictions curbing cannabis sector

Entrepreneurship 03/15/2024

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,...

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 accepts marijuana-industry deposits

Financial Services 10/11/2019

Legalizing marijuana is one thing, banking on it is another. At least one bank in the area, however, is venturing into those waters –...

Marijuana businesses need banks

Editorial and Op-Ed 10/11/2019

BayCoast Bank is setting a much-needed standard locally with its public acceptance of deposits from businesses in the burgeoning marijuana industry. The Swansea-based bank has...

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