Regulators Want Connecticut To Charter Banks To Help Finance Marijuana Businesses
“They need to source capital”
Federal law restricts most banks from providing loans and other financing for marijuana businesses. A Connecticut social equity council wants the state to charter new banks to back the state’s cannabis industry.
Members of the state’s Social Equity Council are responsible for making sure the sale of recreational marijuana in Connecticut provides business opportunities for low-income and communities of color that are disproportionately impacted by drug policing.
“They need to source capital,” said council member Joseph Williams. “One of the biggest things around social equity that has eluded us is the lack of capital and I find we really need to address that as quickly as possible.”
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