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Credit Union’s Cannabis Decision Paying Off
Business is brisk for a Washington State credit union that recently opened its doors to the cannabis industry.
O Bee Credit Union – started in 1955 for employees and businesses working with the former Olympia brewery – recently began servicing producers, processors and retailers in the state’s growing marijuana market.
About 30 companies now bank with the credit union, with businesses depositing as much as $25,000 weekly, O Bee’s chief operating officer told The Olympian.
While the credit union was originally against opening accounts for marijuana companies because cannabis is still federally illegal, its board approved the plan and began working with the businesses in September.
Banking remains a major issue for cannabis companies despite federal guidance issued early last year on how banks can work with the industry. Of the more than 13,000 banks and credit unions in the U.S., only about 105 service marijuana businesses, according to data from the U.S. Treasury Department, compiled by Marijuana Business Daily.