PORTLAND, Maine–cPort Credit Union said it is canceling its medical cannabis caregiver storefront accounts due to a lack of state regulations, according to a new report.
In Maine, caregiver storefronts can legally sell cannabis products to patients, they are typically smaller businesses than dispensaries and do not operate within the same licensing structure, according to WMTW.
The news outlet reported that Andrew Pettingill, the owner of Portland-based Evergreen Cannabis Company, said 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.
‘Difficult Decision’
“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,” the email reads. “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.”
Bills Proposed, But…
According to WMTW, 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.
