WMTW reports that Maine’s cPort has cancelled its accounts for medical cannabis caregivers because of a lack state regulation.
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.
The cPort Credit union has taken the hard decision to stop providing financial services to caregivers who are not associated with licensed cannabis businesses or dispensaries. In light of the evolving banking regulations, we have carefully reviewed our risk exposure. We concluded that a change in this area is needed to maintain compliance with both federal and state requirements. — Marquis, email excerpt via WMTW
The Maine Office of Cannabis Policy has also proposed legislation to align banking regulations between medical cannabis caregivers and cannabis license holders, according to the report. However, lawmakers have rejected these proposals repeatedly.
Pettingale stated in the report that “They’re now saying OK, let’s go back to having no banks. Just put your money into shoeboxes.”
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