Worcester Business Journal

10 Worcester Business Journal | August 16, 2021 | wbjournal.com Try an Online MBA. Not sure what comes next in your career? Take a closer look at WPI's premier School of Business. wpi.edu/+businessgrad Offered on campus and online. Try 1 or 2 graduate courses in data science, user experience, marketing, and supply chain operations. Or explore our master's and certificate programs. Selected to the WBJ 40 Under 40 Class of 2021, Emily Swalec is a significant force for the greater good throughout Seven Hills Foundation and the Greater Worcester community. Director of the Worcester Family Resource Center at Seven Hills, Emily approaches every opportunity with a genuine spirit of collaboration, and an unwavering positive attitude. At Seven Hills, Emily is a winner every day and our #1 of 40 under 40! 81 Hope Avenue, Worcester, MA 01603 • 508.755.2340 • sevenhills.org Congratulations, Emily! Continued from Page 9 tating necessary lending services. Introduced to the U.S. House of Rep- resentatives in March, the SAFE Bank Act of 2021 would prohibit a federal banking regulator from penalizing a financial institu- tion providing banking services to legitimate cannabis businesses. e act passed the House with bipartisan support, but it is still awaiting passage in the U.S. Senate. "e SAFE Banking Act, if it passes, just recognizes the reality that this in- dustry exists. You cannot put blinders on and pretend it doesn't exist. It does exist, and it needs banking services," Hoffman said. While the CCC does not regulate banks, Hoffman said the commission- ers spoke at every banking industry event they could to encourage financial institutions to participate in the canna- bis industry. e goal was to reassure banks strict regulations and seed-to-sale tracking would be used to monitor the industry. Part of the 2016 legalization of the Massachusetts cannabis industry is a state mandate giving preference to peo- ple in communities disproportionately harmed by the War on Drugs. However, the lack of available lending services impacts these underserved cannabis entrepreneurs, who do not have the cash on hand to handle the expense of the lengthy startup process. "e biggest challenge is helping people that want to start up a marijuana retail or cultivation facility, and helping them get access to capital." Hoffman said. is sector of the community faces traditional banking obstacles, even if they weren't applying as part of a marijuana business. "e people we are trying to help typically would not get bank loans. ey don't have collateral. ey don't have substantial net worth. Many don't have much in the way of work experience," Hoffman said. Youngblood, the owner of Major Bloom, said having more local banks em- brace the industry would be beneficial. Youngblood believes the stigma surrounding the cannabis industry is fading, and it is only the FDIC preventing local banks from participating in this financially lucrative industry. e legal Massachusetts cannabis industry has earned more than $1.5 billion in revenue since the first adult-use shops opened in 2018. "Northern Bank has been great to work with. ey are very personable," he said. Tina Sbrega, president of Lighthouse Biz Solutions W

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