Berkshire Bank, one of Massachusetts' largest banks, is expanding its services to cannabis businesses and entrepreneurs across the country.
According to the Boston Business Journal, the new banking division was created through a partnership with Green Check Verified, a Florida-based cannabis financial services and software company, to provide a platform for customers to conduct and monitor transactions. It's planned.
Berkshire Bank joins a growing number of Massachusetts financial institutions that are beginning to serve marijuana businesses.
Services available for plant contact, ancillary and other marijuana-related businesses include electronic funds transfer and wire transfer services, secure cash pickup, debit cards and checks, mobile and online banking, savings accounts, and money transfer services. Includes market access and asset management. A business magazine reported.
The move comes as much of the marijuana industry still struggles to secure strong banking relationships and some key services.
Financial giant Mastercard's recent decision to halt cannabis purchases through its popular debit card highlights these continuing challenges.
And earlier this year, cannabis businesses scrambled to find new payroll providers after receiving a memo from Paychex recommending that it no longer process direct deposits or provide other services to marijuana-related businesses. was forced to.
Sources told MJBizDaily that in response to Mastercard's decision, cannabis retailers across the country are adjusting to handle and retain more cash in their stores.
Other companies are focusing on improving in-store customer communications and the overall shopping experience, as well as reevaluating internal processes, such as investigating payment processing vendors and expanding card purchasing options. There is.
