‘Cash is still king’ in Massachusetts marijuana industry – News – The Sudbury Town Crier – Sudbury, MA

By Eli Sherman – Wicked Local – Posted at 8:32 AM

A good way to end a conversation with someone in the marijuana trade is to ask them about their banking situation.Some experts project the industry in Massachusetts could be worth $1.8 billion in the future, making clear the potential to earn money in the emerging market. Less clear, however, is how the money is banked, highlighting an uncomfortable reality for those involved.“It’s a huge problem for the industry,” said Peter C. Bernard, executive director of the Massachusetts Grower Advocacy Council. “Cash is still king … and nobody operating in cash wants to talk about it.”Banks and credit unions in Massachusetts – for the most part – have balked at the opportunity to provide services to people and businesses related to the marijuana trade. Despite the 2016 legalization of recreational marijuana in Massachusetts, the drug is still considered illegal by the federal government, which regulates and insures most banks and credit unions.

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