AUGUSTA, Maine–A bill has been proposed in this state’s legislature that would fund a study to examine how Maine can provide for the banking needs of the recreational and medical cannabis industries in the state. Currently, three credit unions and at least two banks offer services to the industry.

It’s an issue that has vexed other states and their respective financial institutions, especially as cannabis remains illegal under federal law. According to the Press Herald, recreational and medical cannabis generated approximately $500 million in revenue in 2024 and was responsible for the employment of several-thousand people. 

Businesses in the State

Maine is home to 332 state-licensed recreational cannabis businesses. In the medical market, according to Feb. 28 data, there were 1,634 providers — known as caregivers — and 77 active dispensaries, the Press Herald reported.

The legislation is being sponsored by Rep. Sally Cluchey (D-Bowdoinham), 

“While some credit unions will work with cannabis-related businesses, these services are prohibitively expensive and place substantial burdens on the financial institutions,” Cluchey told the Committee on Veterans and Legal Affairs Committee at a hearing, according to the Press Herald. “Without access to multiple banking options, many cannabis-related businesses have no choice but to operate on a cash-only basis.”

As has been and is the case in other states, that cash-only basis puts both businesses and their employees at risk, and also attracts criminals, the report added.

Participating FIs

The Press Herald said there are at least five banks and credit unions in Maine that serve cannabis businesses: CPort Credit Union, Five County Credit Union, Evergreen Credit Union, Skowhegan Savings Bank and Maine Savings Bank.