Credit unions were formed to serve the underserved. So when members told the $195 million O Bee Credit Union they were entering the recreational marijuana business, the Olympia, Wash., credit union originally chartered in 1955 to serve workers at Olympia Brewing Co. knew they were ready to move on to harder stuff.
For those members, it wasn't just a matter of passing the pipe. They formed the vanguard of a newly legalized recreational marijuana industry. They needed support from a financial institution to grow businesses designed to serve this emerging market segment, Roberts said.
Washington voters in November 2012 quietly passed Initiative 502, which defined and legalized small amounts of marijuana products for adults over 21 years of age. The vote was cast 56% in favor of I-502.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
