🔒Maine’s fast-changing cannabis industry requires being fleet of feet

A Porter cannabis operation is going to new lengths to be carbon neutral.

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King backs bill to give cannabis firms access to banking services

In recent weeks, U.S. Sen. Angus King, I-Maine, has cosponsored bipartisan, bicameral legislation that would ensure Maine’s legal cannabis businesses could access the same banking services used by other businesses.

The SAFE Banking Act would resolve a key logistical and public safety problem for states that have legalized medicinal or recreational cannabis.

“A business that follows all state laws should be able to access the banking system — that’s pretty common sense,” says King. “As Maine’s cannabis industry has grown in recent years, it has been forced to operate on a cash-only basis. This presents a number of safety, logistical, and legal concerns. The SAFE Banking Act addresses this unnecessary challenge and ensures that all our legal Maine businesses can access the banking system. It’ll bring more customers to local banks, improve public safety, and support the success of Maine’s many small business entrepreneurs.”

Burdick said that his company has no debt due to him not being able to get finance through a bank and he had to take money out of pocket to start the company.

“It’s great because we won’t have to pay $100 a month to have a bank account which is whatever,” says Burdick. “At the same time it’s probably going to create a different level of competition because people are going to be able to access funds that they weren’t able to access before.”

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– Digital Partners -