Dedham Savings Now Providing Banking Services to Cannabis-Related Businesses in Massachusetts
Special deposit account and cash management banking services are now available
to licensed businesses.
Dedham Savings is now offering deposit accounts to licensed Cannabis-Related Businesses (CRBs) in Massachusetts, according to an announcement by Peter Brown, President & CEO.
According to Brown, “The Cannabis industry is growing rapidly, and as such needs access to financial resources and services. As a financially strong and independent community bank, Dedham Savings is uniquely positioned to meet the banking needs of businesses in this dynamic sector. We’ve committed significant resources, both human and technological, to ensure our CRB clients get the attention their business needs and deserves.”
A CRB is a business that cultivates, produces, manufactures, sells, transports, displays, dispenses, distributes, or purchases cannabis or cannabis product in compliance with state laws. Many CRBs struggle to find a local bank willing to provide them with basic banking services due to the ambiguous legal status of marijuana as a federally prohibited controlled substance that is currently legal to purchase under the laws of most states. This legal limbo effectively prevents many banks from providing banking services to CRBs. This greatly increases the risks to these businesses which are forced to handle and store significant amounts of cash.
Dedham Savings believes CRB access to conventional banking services benefit our local communities in the following ways:
- Reduces the risk of theft by moving cash from CRB locations and into safe and secure bank branches.
- Reduces costs to the CRB owner for security systems and staff required to count, log, package, store and transport cash.
- Provides efficient electronic banking transactions, which means faster payment processing and simplified bookkeeping.
- Positions the CRB for future growth and success by providing documentation for financial transactions and balances which are required by lenders and investors.
Dedham Savings now offers deposit account and cash management services to the following types of CRBs: cannabis dispensaries, cultivators, wholesalers, testing labs, and delivery services. Dedham Savings’ specially trained Business Development team has knowledge of the cannabis industry and their unique banking requirements and are educated about federal and state laws that affect CRB financial transactions.
If you are a CRB owner or operator interested in learning how Dedham Savings can serve your business, please check out our Cannabis Banking webpage.
About Dedham Savings
Incorporated in 1831, Dedham Savings is one of the oldest banks in Massachusetts still doing business under its original charter. The Bank delivers technology-driven solutions in a client-centric way to promote the financial success of the individuals, families, businesses, and non-profit organizations in the communities it serves. Dedham Savings manages $1.9 billion in assets through full-service locations in Dedham, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood, Massachusetts. Dedham Savings is Member FDIC, Member DIF, and an Equal Housing Lender.