Massachusetts

Massachusetts Green Check Verified

Banking Guidance

Position of the Massachusetts Division of Banks on Providing Financial Services to MRBs

The DOB recognizes the importance of ensuring public access to banking services within an environment that promotes trust, confidence, and public safety. For those MRBs that cannot get access to depository and transaction services, or that are not willing or able to afford the costly fees frequently associated with such services, the alternative is often the daily handling of large amounts of cash. Not only does this create very serious safety concerns and invite increased criminal activity, but it is also a very expensive and impractical way to conduct business. Operating in cash also makes the tracking of funds and collection of tax payments very difficult.

In its regulatory role, the DOB conducts regular examinations of state-chartered financial institutions for compliance with applicable laws, regulations, and regulatory guidance. This includes examinations for compliance with the Bank Secrecy Act (BSA) and it has incorporated relevant guidance issued by the Financial Crimes Enforcement Network (FinCEN) into our supervisory processes. The DOB’s examiners will, as part of its examination processes, review whether financial institutions working with marijuana-related business are following the FinCEN guidance. Adherence to these guidelines and recommendations will satisfy the requirements of the Division of Banks for institutions under its supervisory jurisdiction.


Adults 21 and older may:

  • Purchase up to 1 ounce of marijuana.
  • Purchase up to 5 grams of marijuana concentrate.
  • Purchase edibles containing no more than 500 milligrams (0.5 grams) of THC.
  • Topicals and ointments shall not be subject to a limitation on daily sales.

Homegrow:

  • Massachusetts allows residents 21 and older to grow up to six cannabis plants for personal use, or up to 12 plants for two or more adults. The plants must be grown in an area that is equipped with a lock or security device and cannot be visible from a public place.

60-day supply; 10 ounces:

  • The maximum amount a Patient may possess at one time is a 60-day supply—or up to 10 ounces. A Certifying Health Care Provider may deem a larger quantity is medically necessary.

14-day temporary registration; 2.5 ounces:

  • A patient is limited to one 14-day temporary registration during any 365-day period, unless otherwise approved by the Commission.
  • No more than 2.5 ounces of Marijuana may be dispensed by an MTC to a Qualifying Patient with a 14-day temporary registration except a Certifying Healthcare Provider may determine and certify that a Qualifying Patient requires an amount of Marijuana other than 2.5 ounces as a 14-day Supply and shall document the amount and the rationale in the medical record and in the Written Certification.

Homegrow:

  • Massachusetts allows residents 21 and older to grow up to six cannabis plants for personal use, or up to 12 plants for two or more adults. The plants must be grown in an area that is equipped with a lock or security device and cannot be visible from a public place. Registered patients may apply for Hardship Cultivation status where a patient may grow enough marijuana to yield a 60-day supply for personal medical use. Patients must demonstrate that their access to a Medical Marijuana Treatment Center (MTC) is limited by the conditions listed in the eligibility.

Cannabis – Adult & Medical

Address:

Cannabis Control Commission

Union Station

2 Washington Square

Worcester, MA 01604

Subscribe for notices: https://masscannabiscontrol.com/news/subscribe-to-our-notice-lists/

Enforcement Announcements: https://masscannabiscontrol.com/news/enforcement-announcements/

Contact :

Questions can also be emailed to:

https://masscannabiscontrol.com/contact/

Other emails: Commission@CCCMass.com

General Inquiries and Comments:

(774) 415-0200

Commission@CCCMass.com

Medical Use of Marijuana Program:

(833) 869-6820

Commission@CCCMass.com

Open Data Platform Inquiries:

(774) 415-0220

OpenData@CCCMass.com

State Banking Regulatory Authority

Executive Office of Housing and Economic Development

Office of Consumer Affairs and Business Regulation

Division of Banks

https://www.mass.gov/orgs/division-of-banks

Address:

Executive Office of Housing and Economic Development

Office of Consumer Affairs and Business Regulation

Division of Banks

1000 Washington Street, 10th Floor, Boston, MA 02118-6400

Email:

https://www.mass.gov/lists/division-of-banks-staff-directory

Phone:

Main (617) 956-1500

Open Monday through Friday 9:00 am – 4:00 pm.

Toll-Free (800) 495-BANK (2265)

Open Monday through Friday 9:00 am – 4:00 pm.”

Fax: (617) 956-1599

Last Updated: October 2023