Maine Credit Union Dropping Medical Cannabis Caregiver Accounts

Maine’s cPort Credit Union is canceling its medical cannabis caregiver
storefront accounts due to a lack of state regulations, WMTW reports.

In Maine, caregiver storefronts can legally sell cannabis products to
patients, but they are smaller businesses than dispensaries and do not
operate within the same licensing structure.

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 has made the difficult decision to discontinue
financial services for caregiver accounts that are not affiliated with a
licensed cannabis dispensary or adult-use cannabis business. As banking
regulatory expectations continue to evolve, we have carefully reassessed
our risk exposure and concluded that this change is necessary to ensure
ongoing compliance with federal and state expectations.” — Marquis, email
excerpt via WMTW

Meanwhile, the Maine Office of Cannabis Policy (OCP) has proposed bills to
align the banking regulations for medical cannabis caregivers with those
for cannabis license-holders, but lawmakers have repeatedly rejected the
proposals, the report said.

“Now they’re saying, OK, we’ll go back to no banks, just put your money in
shoeboxes,” Pettingale said in the report.