Trusted Massachusetts Cannabis Banking Solutions

Herring Bank, stepping up as a specialized banking partner for cannabis-related businesses (CRBs) in Massachusetts, showcases effective strategies for navigating Massachusetts’ cannabis banking landscape. By tailoring its services to meet the unique needs of Massachusetts’ cannabis industry, Herring Bank offers a comprehensive array of banking solutions. This range includes checking and savings accounts designed for CRBs, extensive online banking facilities, effective cash management systems, and financial support programs to aid in the growth and regulatory adherence of cannabis enterprises. Their approach is rooted in a deep understanding of the cannabis sector’s challenges, focusing on enhancing operational efficiency and ensuring compliance for businesses involved in cannabis banking.

Building Strong Banking Relationships in the Cannabis Sector

In an industry where trust is as valuable as the product itself, building strong banking relationships is paramount. Cannabis businesses can rely on dedicated banking teams, such as those provided by Herring Bank, which bring a wealth of industry knowledge and experience to the table. This level of personalized service fosters a connection between businesses and their financial institutions, a connection that is fortified by the outsourcing of high-risk tasks and continuous monitoring of risk exposure.

With over 125 years of expertise in the banking sector, Herring Bank stands as a reliable partner for the cannabis industry in the Old Colony State. In this rapidly evolving market, seamless financial management is crucial, and Herring Bank’s online and mobile banking services offer cannabis businesses the flexibility they need to stay on top of their financial health from anywhere. These digital platforms enable constant, remote access to financial accounts, ensuring uninterrupted oversight and control.

Herring Bank also provides a wide range of essential financial services tailored to the cannabis industry, including debit card and check services. This comprehensive suite of offerings ensures that cannabis companies in Massachusetts can enjoy the same level of financial support and security as businesses in any other industry.

Expert Financial Advisory

Steering through the financial waters of the cannabis industry demands more than just direction—it requires an experienced navigator. Herring Bank has assembled a team of cannabis banking specialists committed to guiding clients towards their financial goals. Whether mapping out short-term strategies or planning for long-term expansion, these industry experts provide ongoing, personalized support to ensure that every financial journey is expertly managed.

  • Checking and savings accounts

  • Online banking with 24/7 access

  • Payment Processing

  • Electronic tax payments

  • FDIC Insured accounts

  • We can connect you with an armored courier service

  • Investment options

  • Employee accounts

  • Direct deposit payroll

  • ACH payments

  • Wire Services

  • Cannabis Business Advisory

Cannabis Banking Solutions in Massachusetts

Cannabis Banking for Growers, Dispensaries, Wholesalers, Testing Labs, Armored Car Services and more!

Massachusetts Cannabis Banking
Marijuana Banking Massachusetts
Massachusetts Marijuana Banking
Massachusetts CBD Banking
Massachusetts Weed Banking
Massachusetts 420 friendly banking

Marijuana Banking in Massachusetts

Herring Bank is excited to launch the Cannabis Banking Program for Massachusetts, a tailored service designed to meet the unique financial needs of the cannabis industry. This program offers a wide range of banking solutions specifically for cannabis businesses, including specialized checking and savings accounts for secure financial management. With 24/7 online banking access, businesses can easily manage their operations from anywhere, simplifying consumer transactions and electronic tax filings to ensure compliance and improve operational efficiency.

Recognizing the importance of cash flow management in the cannabis sector, Herring Bank provides specialized cash management accounts and secure cash transportation services to minimize the risks associated with handling cash.

Additionally, Herring Bank meets your workforce management needs with employee accounts, direct deposit, ACH payments, and wire transfers, offering a streamlined system for payroll and payments. This suite of financial tools is designed to support the growth of cannabis businesses in Massachusetts, establishing a strong financial base for success in this evolving industry.

Massachusetts Cannabis Banking | Herring Bank

2025 Cannabis banking in Massachusetts: Current rules and regulations

Cannabis is legal in Massachusetts for both medical (2012) and adult-use (2016), with retail sales beginning November 20, 2018. See the legalization timeline in the CCC’s history/background materials and the 2016 law (Chapter 334) following voter approval of Question 4 (2016).

Taxes (no change in 2025): Adult-use purchases are subject to 10.75% state excise tax, 6.25% state sales tax, and up to a 3% local option tax (medical cannabis remains tax-exempt).

Host Community Agreements (HCAs) & community impact fees: The 2022 reform law (Chapter 180) gave the Cannabis Control Commission (CCC) explicit HCA oversight and guardrails on community impact fees. The CCC has rolled out model HCA templates and guidance plus resources for municipalities and operators. Operators should still review agreements carefully; audits and litigation continue to shape enforcement. See the CCC’s HCA hub.

Delivery licensing (extended exclusivity): The CCC extended the delivery license exclusivity window (Delivery Courier, Delivery Operator, Delivery Endorsement) to at least April 2026 while it studies market performance.

Seed-to-sale tracking & lab compliance: Massachusetts uses Metrc statewide. In 2025, the CCC issued an Administrative Order requiring Independent Testing Laboratories to upload Certificates of Analysis (COAs) to Metrc’s system of record to strengthen transparency.

Social consumption (proposed): The CCC is advancing social consumption via formal rulemaking; draft regulations were released for comment in August 2025. Until finalized, on-site consumption remains limited.

Equity programs & financing: Massachusetts operates a statewide Social Equity Program and a Cannabis Social Equity Trust Fund that issued FY25 grants and received new deposits in 2025 to support eligible entrepreneurs.

Federal context: The SAFER Banking Act (S.2860) remains pending (not law). Banks serving CRBs continue to follow FinCEN’s 2014 BSA/AML guidance. The DEA’s proposed rescheduling to Schedule III is still under review; no final rule has taken effect.

As your cannabis banking partner in Massachusetts, Herring Bank pairs rigorous compliance with industry-specific treasury solutions—secure deposit accounts, online banking, ACH and wires, and a statewide armored-courier network—aligned to CCC rules and federal BSA/AML expectations.

Frequently Asked Questions

Can dispensaries use banks?
 Yes. Licensed cannabis businesses in Massachusetts can access banking with institutions that adhere to FinCEN’s cannabis banking guidance and robust BSA/AML controls. Herring Bank provides compliant CRB services.

What types of cannabis companies do you support?
 We bank retailers/dispensaries, cultivators, product manufacturers, testing labs, wholesalers, delivery operators/couriers, and licensed transport/security providers, plus select ancillary businesses directly supporting licensees (subject to underwriting and compliance review).

What is the banking act for cannabis?
 The SAFER Banking Act is the current federal proposal for safe-harbor protections. It has not been enacted; today’s banking relies on FinCEN’s 2014 guidance and risk-based compliance.

What recent operational changes should MA operators know?
 Expect continued CCC implementation of Chapter 180 (HCA oversight, equity measures), the delivery exclusivity extension to April 2026, and COA uploads in Metrc for stronger supply-chain transparency.

What are the benefits of partnering with a specialized financial institution?
 Specialized CRB banking reduces cash-handling risk, integrates armored-courier deposits, streamlines ACH/wire payables and receivables, and maintains documentation aligned to CCC guidance and federal AML expectations—supporting smoother exams and audits.

What cities do you serve in Massachusetts?
 Herring Bank offers cannabis banking services across the Commonwealth, including Boston, Worcester, Springfield, Cambridge, Lowell, Brockton, New Bedford, Quincy, Lynn, Fall River, Newton, Somerville, Framingham, Waltham, Haverhill, Malden, Brookline, Plymouth, Medford, and Taunton. We also operate a statewide armored-courier network to securely manage cash deposits for cannabis companies.

Ready to discuss how we can help you and your Cannabis Business in Massachusetts?

Cannabis Banking Where You Need It
Colorado Cannabis Banking & Armored Courier Services:

Colorado Springs, Denver, Aurora, Pueblo,  Arvada

California Cannabis Banking & Armored Courier Services:

Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Oakland,

We provide Cannabis Banking Nationwide

Alabama, Alaska, Albany, Albuquerque , Anaconda, Billings, Boston, Bozeman, Buffalo, New York City, Detroit, Flagstaff, Grand Rapids, Gulfport, Jacksonville, Jersey City, Las Cruces, Miami, Montana, Newark, Santa Fe, Oklahoma City, Las Vegas NM, Portland, Silver City, Carlsbad, Philadelphia, Phoenix, Scottsdale, Clovis, Orlando, Tulsa, Ann Arbor, Colorado, New Mexico, Michigan, Illinois, Massachusetts, Minnesota, Missouri, Oregon, Virginia, Washington, Nevada, Kentucky, Vermont, Delaware, Espanola, Farmington, Arizona, Arkansas, Baton Rouge, Connecticut, Maryland, Minneapolis, South Dakota

Nationwide Hemp and CBD Banking not limited to those listed:

Hemp Banking, CBD Banking

Colorado, Iowa, North Carolina, Florida, Wisconsin, Texas, Minnesota, Mississippi, Kansas,

Want to learn more about Safe Harbor and the Safe Banking Act?

Safe Harbor & The Safe Banking Act

How to open a cannabis bank account