GFA Federal Credit Union is offering banking services to legally-operating marijuana businesses in Massachusetts. The institution took the time to study Colorado’s legal marijuana industry to determine that there’s a real need for the businesses in Massachusetts. The credit union is located in Gardner.
Massachusetts marijuana retailers have made more than $24 million in sales, Worcester Business Journal notes. All of that money needs somewhere safe to go. GFA, of course, has a lengthy process before it agrees to provide services to a marijuana business.
It could take a month to 6-weeks before an account can be opened up. The accounts are very closely monitored.
CEO and President of GFA, Tina Sbrega said, “Certainly we didn’t wake up one day and say ‘We’re going to do it.’ We did our due diligence for 18 months. We’re trying to legitimize a legitimate business.”
Another banking option may be available soon. BayCoast Bank of Swansea will be serving the legal marijuana industry soon.
It’s still a sticky situation for these financial institutions but they are taking every precaution to make sure that their customers and their businesses remain open and have access to their funds.