Top Cannabis Regulator: Massachusetts Should Create State Public Bank

Recreational pot sales are scheduled to begin in July in Massachusetts, and as yet, there are no banking services for the industry predicted to have $1 billion in sales by 2020. Cannabis Control Commission chairman Steve Hoffman said in the Boston Globe, “There’s a high degree of urgency, so it’s something we need to start talking about.” Hoffman suggests the state should consider creating a state-run bank. That adds Massachusetts to the list of states — including California and Ohio — considering Public Banking due to the urgent needs of the legalized marijuana industry. Hoffman continued: “Unfortunately, it’s a real possibility that the recreational industry won’t have access to any banking services. We’re working as hard as we can to preempt that, but we can’t force any bank or credit union to service this industry.”
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