PORTLAND, Ore. – Now that recreational marijuana use is legal in four states, interest in serving the industry is growing among credit unions. However, they have many questions about how the process would work – and wonder if it's worth the risk.
The benefits of opening membership to marijuana businesses include growth for the credit union and a reduction in crime for the businesses being served, but the workload required on the credit union's end is quite heavy, according to Lynn Ciani, executive vice president and general counsel for Numerica Credit Union. Ciani explained to attendees at an NWCUA Amplify breakout session dedicated to marijuana business banking how her credit union made it happen at the trade association's annual meeting Wednesday.
A pioneer in serving marijuana businesses, the Spokane Valley, Wash.-based, $1.5 billion Numerica CU opened up membership to businesses in the industry last year when recreational pot use became legal in Washington State. Numerica now has between 50 and 100 marijuana business accounts, Ciani said.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
