New England is progressively establishing its position in the legalized marijuana landscape. Having initially approved medical marijuana in 2016, Massachusetts became one of the first states to legalize recreational marijuana in 2018. Rhode Island first legalized medical marijuana in 2006, and approved recreational use in 2022. As a growing number of U.S. states adopt similar legislation, the industries in Massachusetts and Rhode Island serve as reference points for future development.
But unlike most other industries, cannabis related businesses have to navigate a complex regulatory landscape for their financial management. This complexity stems from the conflict between state laws that legalize cannabis sales and federal laws that prohibit it. To legally run such a business, you will need a partner who can effectively guide you through these challenges.
At BayCoast Bank, our knowledgeable staff is dedicated to providing top-notch cannabis banking services. Explore the ways BayCoast can help elevate your business:
Your Cannabis-Related Business
The term “cannabis-related business” specifically refers to plant-touching entities, setting them apart from ancillary businesses that service the industry. This classification encompasses a diverse range of enterprises such as dispensaries, cultivators, wholesalers, testing laboratories and transporters. Ancillary businesses, including HVAC contractors and electricians, provide essential products and services to the cannabis industry.
State cannabis licensing is a complex but essential part of your journey as a cannabis-related business. This is an industry where strict compliance with regulations is non-negotiable. Whether you’re fully licensed, provisionally licensed, or just beginning the application process, BayCoast Bank is ready to start working with you to help manage your day-to-day financial needs.
Products and Services for Cannabis-Related Businesses
Despite the fact that businesses we partner with face more requirements than conventional companies, our experts guide you through the compliance documentation process. Once prerequisites are complete, the financial products and services we offer closely resemble those used by businesses across all industries.
These services include:
Setting Up Your CRB Accounts
When you partner with BayCoast Bank, you work with experts who specialize in servicing cannabis-related businesses. They’ve assisted a number of companies just like yours, and can help guide you through the legal and compliance challenges. With their help, setting up your accounts is easier than you thought.
Start Your CRB Journey Today
No matter what stage your Massachusetts or Rhode Island cannabis-related business is in now, BayCoast offers all the banking tools you need to succeed. Get in touch with us today to set up a first conversation, and we’ll take you through the steps to build a stronger future!