Maine Marijuana | ME Marijuana ME Marijuana News and Information
Recreational marijuana is now legal in Maine, but these legally operating businesses still won’t have any way to use the banking system – not even local options. The federal government hasn’t budged regarding marijuana, so because it’s still illegal federally, even credit unions won’t do business with marijuana businesses. These businesses will have to work like those do in the rest of the country, with cash and money orders.
Bankers agree that it is a problem because they see the opportunity to profit from it too, according to WSCH News 6. The setup in Maine for marijuana makes it run like any other industry, with one big hiccup, no way to use banks.
Chris Pinkham of the Maine Bankers Association said, “These are all natural places for us to work and we’re missing an opportunity.”
A couple of credit unions may work with legally operating marijuana businesses, but nothing is concrete.
John Murphy of the Maine Credit Union League said, “From a federal government standpoint it’s still viewed as an illegal substance, so obviously financial institutions are hesitant to do that.”
Marijuana business owner, Catherine Lewis said, “It was the bank policy to shut down all cannabis-related businesses and we were one of them. For two weeks, we weren’t able to run payroll.”
Even though the U.S. Treasury and Justice departments have stated they won’t go after banks or credit unions that wish to do business with marijuana businesses, they’re still standing back.
Pinkham said, “The vast majority have said that it’s too complicated. It’s too risky, we’re going to wait and see how the feds deal with this.”
Lewis was able to find a credit union that was willing to work with her marijuana business. Cash-only businesses are at a higher risk for robberies and other security concerns. Marijuana business owners are hoping to have more options for secure banking in the near future.
