Mass. credit union will serve recreational marijuana companies

A Massachusetts credit union will become the first financial institution in the state to offer banking services to recreational marijuana companies, a step that will allow consumers to pay for pot with plastic and helps cannabis businesses avoid the expensive and risky proposition of running all-cash operations.

GFA Federal Credit Union, founded in 1938 to serve French-Canadian immigrants and headquartered in Gardner, told the Globe Thursday that it’s ready to wade into the recreational marijuana sector, following a year of research and preparations.

Other banks and credit unions have so far stayed on the sidelines, calculating that it’s legally and financially risky to handle the proceeds of cannabis sales as long as the drug remains illegal at the federal level.


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