GFA first in Mass. to offer marijuana banking services | WBJournal.com

February 4, 2019

Focus on banking and finance – GFA first in Mass. to offer marijuana banking servicesPhoto | Zachary Comeau

The Cannabis Control Commission has awarded more than 100 licenses.by Grant WelkerWhen GFA Federal Credit Union studied the Colorado recreational marijuana industry, the Gardner institution didn’t see a market a bank would easily choose to get involved with.But GFA saw opportunity in the mayhem of a fledgling marijuana industry that, without proper banking services, included people stuffing backpacks full of cash they couldn’t deposit.Thanks in part to GFA, that’s less likely to happen in Massachusetts. The Gardner credit union is the first in Massachusetts to serve the state’s recreational marijuana industry, putting the small institution at the forefront of a market already with $24 million in sales since the first pot shops opened on Nov. 20.”Certainly we didn’t wake up one way and say ‘We’re going to do it,'” said Tina Sbrega, CEO and president of GFA. “We did our due diligence for 18 months.”

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