Cannabis Banking in Maine

The Maine Credit Union League has consistently advocated for increased access to financial services for cannabis-related businesses. We have worked with our industry partners in the past to promote the passage of bills designed to expand access to financial services for cannabis-related businesses and will do so again in the future. None of the previous bills would have changed or mitigated the expectations and requirements imposed on credit unions by state and federal regulators.

Because the regulatory environment may cause frustration and uncertainty, the League has been vocal in expressing our concerns to credit union regulators, state and federal elected officials (often providing testimony to the Legislature on this issue), and other interested parties. We believe it is imperative that legal Maine businesses have access to the financial tools they need to safely and effectively operate, grow, and contribute to our economy.

• Safe Neighborhoods
  When cash is kept off the streets, our communities stay safe.
• Secure Workplaces
  Employees stay safe when cash is stored in credit unions and banks.
• Tax and Fee Collections
  Compliance software facilitates accurate record keeping.
• Reinforces Legal Activity
  Regular reporting of business practices ensures compliance with local and state law.
• Helps Law Enforcement
  By taking cash off the streets, the opportunity for theft and violent robbery is reduced allowing law enforcement to focus on other crime.
• Supports State and Local Government
  Providing financial services increases tax compliance, both in sales and income tax, which in turn helps local schools and other services in the community.

The state of Maine has recognized cannabis-related businesses as legitimate, legal companies since 2011. As of February 2025, 39 states, three territories, and the District of Columbia allowed the medical use of cannabis products. As of that same date, 24 states, three territories, and the District of Columbia allowed or regulated cannabis for adult use.

In Maine, the state first legalized medical cannabis by referendum in 1999. In 2009, Maine voters again considered medical cannabis, this time establishing a legal distribution mechanism. The Maine Medical Use of Marijuana Program (MMMP) became operational in 2010 and was directed to carry out the implementation of the Maine Medical Use of Marijuana Act, with the first of Maine’s medical cannabis dispensaries commencing operation in 2011. In 2016, again via referendum, the state legalized the adult-use (or recreational) market.

As a result of a more rigorous interpretation of the 2014 FinCEN guidance, financial institutions are now being required to collect and review more data about their CRB members. Financial institutions that do not meet these requirements could be forced to discontinue their CRB account program and face onerous and costly regulatory sanctions.

FinCEN Expectations of Cannabis-Related Businesses and Financial Institutions

• CRBs are required to have an active OCP Adult Use license, Medical dispensary license, or Medical caregiver ID card and/or certificate when they open an account. CRBs must keep their license active or their account will be closed.
• At account opening, CRBs must inform their financial institution of their normal and expected activity, including products sold and types of customers served. CRBs are required to provide updated information if there are significant changes to their normal and expected activity.
• CRBs are required to provide information about their owners, investors, and vendors at account opening, including OCP license information for certain vendors. CRBs must provide updated information to their financial institution if that information changes.
• CRBs are required to deposit all of their sales proceeds into their account, and must provide their financial institution with point-of-sale reports, METRC data (when available), sales tax reports, or other financial statements. If there is a significant discrepancy between the monthly deposits and the sales information provided, the CRB will be required to explain why. If the CRB cannot explain the variance, the financial institution may be required to close the CRB’s account.
• CRBs selling cannabis wholesale must include the OCP license information for their customers with their monthly point-of-sale reports, and their customers’ license must have been active at the time of the sale, or the financial institution may be required to close the CRB’s account.
• CRBs must provide their financial institution with copies of all loan notes or loan agreements.
• In addition to reviewing materials provided by their CRBs, financial institutions are required to perform ongoing monitoring of publicly available sources for adverse information about the CRB and related parties (owners, vendors, and investors). Depending on the type of adverse information found, the financial institution may be required to close the CRB’s account.
• Financial institutions are required to perform ongoing monitoring of transactions in CRB accounts to identify suspicious activity, including any red flags listed in the FinCEN guidance. If the CRB does not have an explanation for the suspicious activity, the financial institution may be required to close the CRB’s account.

Federal Deposit Insurance Corporation (FDIC): The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

National Credit Union Association (NCUA): The NCUA is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.

Financial Crimes Enforcement Network (FinCEN): FinCEN is a bureau of the U.S. Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Maine Office of Cannabis Policy: The OCP is responsible for licensing and regulating cannabis establishments in Maine.

Maine Bureau of Financial Institutions: The BFI supervises all state-chartered financial institutions including banks, credit unions, and nondepository trust companies.

Maine Department of Professional & Financial Regulation: The DPF regulates state-chartered financial institutions, the insurance industry, grantors of consumer credit, the securities industry, and numerous professions and occupations providing services to the public.

BSA Expectations Regarding Marijuana-Related Businesses: The Financial Crimes Enforcement Network (“FinCEN”) guidance for and expectations of financial institutions seeking to provide services to marijuana-related businesses.

Maine Medical Use of Marijuana Act: Ensures and facilitates an efficient, responsible, and legal medical marijuana environment within the State of Maine.

Marijuana Legalization Act: The legalization of marijuana for recreational use, retail, sale, and taxation.

METRC stands for Marijuana Enforcement Tracking Reporting & Compliance. It is a cloud-based compliance management solution used by marijuana-related businesses. The State of Maine has a contract with METRC to collect data for the Adult-Use program.