Dedham Savings now offers bank services for cannabis industry
Peter Brown, President & CEO of Dedham Savings Bank announced that the financial institution would start allowing cannabis businesses in Massachusetts to open up deposit accounts. Dispensaries, cultivators, wholesalers, testing labs, and delivery services have limited options for banking services due to the federal illegality of marijuana.
Dedham Savings says their business development team has extensive knowledge of the cannabis industry and the unique banking rules on both the federal and state level that affect the financial transactions of cannabis businesses. The bank will also offer additional services including moving cash from cannabis businesses and into safe and secure bank branches.
Dedham Savings was established in 1831 and has the distinction of being one of the oldest banks in Massachusetts still doing business under its original charter.