Maine’s cPort Credit Union is terminating bank accounts held by medical cannabis caregiver storefronts, citing ongoing concerns over regulatory compliance, WMTW reports. The accounts are set to close by July 31.
While caregiver storefronts are legal in Maine and permitted to sell cannabis products to patients, they operate under a different regulatory framework than larger dispensaries and adult-use retailers. That distinction appears to be at the heart of cPort’s decision.
In a letter emailed to affected businesses, cPort President and CEO Kelsey Marquis wrote:
“cPort Credit Union has made the difficult decision to discontinue financial services for caregiver accounts that are not affiliated with a licensed cannabis dispensary or adult-use cannabis business… We have carefully reassessed our risk exposure and concluded that this change is necessary to ensure ongoing compliance with federal and state expectations.”
Andrew Pettingill, owner of Portland-based Evergreen Cannabis Company, said he was shocked by the move. “Now they’re saying, OK, we’ll go back to no banks, just put your money in shoeboxes,” he told the outlet.
The Maine Office of Cannabis Policy (OCP) has proposed legislation to bring medical cannabis caregiver businesses under the same banking compliance framework as licensed dispensaries. However, the proposals have failed to gain traction in the state legislature.
The move by cPort leaves many small, legal operators scrambling to find safe and compliant ways to manage their finances.
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