MASSACHUSETTS: For Robert Mayerson, chief executive officer of Patriot Care Corporation, a medical marijuana company, the basics of setting up a business were not always easy.
“The ability to take credit cards, to bank, is challenging,” Mayerson said. Mayerson said some landlords are hesitant to lease space to dispensaries out of concern that the bank holding their mortgage would disallow the lease. He would not reveal what banks his company used.
Patriot Care Corporation has received provisional state approval to open medical marijuana dispensaries in Greenfield, Lowell and Boston, one of about a dozen medical marijuana companies currently moving through the state’s licensing process. Banking for these companies is one area that is complicated by the conflict between state and federal laws. While Massachusetts voters voted in 2012 to allow medical marijuana, and the first dispensaries are now preparing to open, all forms of marijuana remain illegal under U.S. law.