As Massachusetts and Rhode Island businesses look to make the most of state-wide cannabis legalization, they often run into roadblocks concerning their banking options. Cannabis businesses face difficulty securing their earnings due to many banks’ inability or hesitation to offer support, largely stemming from existing federal regulations.
As a longtime supporter of local businesses, BayCoast is proud to back cannabis business owners. We thought we’d explore some of the roadblocks that businesses face when starting their cannabis related business and explain how BayCoast can help you avoid them.
Starting a Cannabis-Related Business
To start your cannabis related business (abbreviated as CRB), you’ll need to acquire the proper licensing. As the industry grows, obtaining a license and ensuring compliance can become an increasingly lengthy procedure. Luckily, BayCoast can help you no matter what stage of the process you’re in.
CRB Business Compliance
Navigating the regulatory landscape of CRBs can be overwhelming for business owners. Without a team to help you, ensuring compliance with local municipalities, and other agencies can seem almost impossible.
That’s why BayCoast has in-house specialists dedicated to helping CRBs achieve their goals. When you speak with the experts in our cannabis-related business division, they can help you navigate through the challenging regulatory environment.
Cannabis Banking Services
While some banks may offer limited services for CRBs, BayCoast is committed to providing a comprehensive suite of business banking services to our CRB clientele. In addition to our dedicated CRB team, clients also benefit from numerous services that simplify the entrepreneurial journey.
Our range of services includes options like CRB Business Checking, Coin & Currency Processing, Remote Deposit Capture, ACH and Wire processing, and more. Additionally, through our streamlined digital banking portal, managing all your business accounts becomes easy and convenient.
We’re Ready to Support your Cannabis Business
If you run a CRB (or you’re planning on starting one soon), don’t hesitate to contact us and let our expert CRB team support you on your journey. We’re excited to see what the future of this industry looks like, and we hope you’ll join us in helping to shape it!