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Banks in Massachusetts Accepting Marijuana Deposits

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BayCoast Bank is the first bank in Massachusetts that is willing to accept deposits from businesses that are in the marijuana industry. It also confirmed that it is working with at least two dispensaries.

BayCoast Bank, based out of Swansea, is in the process of taking on four or five medical marijuana facilities and would be willing to service those institutions if they move into the recreational market as well.

Nicole Almeida, chief marketing officer for BayCoast, said the bank decided in July to accept deposits from “medical facilities that are in the recreational or adult use space,” after talking to dispensaries for months to better understand the business. “We’re not at this time working with anyone that is strictly adult use,” Almeida said.

Other dispensaries have confirmed that they have developed banking relationships but declined to name them. Though banking remains an issue for the industry at large, the developments have soothed concerns that marijuana shops would be selling recreational marijuana without being able to deposit that money in a financial institution.

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