Why it matters: Bank of Guam announced the launch of “Cannabis Banking,” becoming the first institution in the region to serve cannabis-related businesses. This move will allow CRBs to access banking services.
What they are saying: Bank of Guam’s President and CEO, Joaquin L.G. Cook, expressed the institution’s commitment to serving underserved communities and providing safe banking services to the cannabis industry.
The big picture: Guam legalized recreational cannabis in 2019 with the Guam Cannabis Industries Act, but the regulated market has been slow to develop due to various roadblocks, including permitting issues and the lack of a testing laboratory.
What to watch: Keep an eye on the progress of Guam’s cannabis industry as Bank of Guam begins offering deposit and lending services to CRBs. Look out for developments in regulations, licensing, and the establishment of testing facilities.
Take: It is a significant step for Bank of Guam to cater to the cannabis industry, providing much-needed banking services to CRBs. The slow progress of Guam’s regulated cannabis market highlights the challenges in establishing a new industry, but with the right support and infrastructure, the industry has the potential to grow and benefit the community.
