WMTW reported that Maine’s cPort credit union is cancelling its medical cannabis caregiver account storefront accounts because of a lack state regulations.
Maine caregiver storesfronts are allowed to sell marijuana products legally, however, they do not have the same license as dispensaries.
Andrew Pettingill, the owner of Portland-based Evergreen Cannabis Company, told the news station that he received via email a letter from the credit union’s president and CEO, Kelsey Marquis, saying that his business account — and all other unaffiliated caregiver accounts held with the credit union — will be closed on July 31.
“cPort credit union made a difficult decision by discontinuing financial services provided to caregiver accounts which are not connected with a cannabis dispensary licensed for adult use or if they do not have ties to regulated cannabis businesses.” In light of the evolving banking regulations, we carefully reviewed our risk profile and decided that this was necessary for us to remain compliant with both federal and state requirements. — Marquis, email excerpt via WMTW
Reports state that the Maine Office of Cannabis Policy, or OCP, has been working on bills to align bank regulations for those who are medical marijuana caregivers and for licensees of cannabis. But lawmakers have consistently rejected their proposals.
Pettingale, in a report, said: “Now, they say, okay, we’ll return to no bank, put your cash in shoeboxes.”
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