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The Cannabis Industry and Credit Unions: Need Meets Philosophy

CUs and their boards ought to ask themselves why they're not serving cannabis businesses, as it is no longer a moral issue.

By Geoff Bacino | Updated on March 10, 2017

As credit union professionals, we pride ourselves on doing what is right, not just what everyone else is doing. The backbone of the credit union movement is service to all segments of society – including those that are underserved and unbanked. It’s not our only mission, but it is one of the key factors that make credit unions different from other financial institutions, especially banks. If credit unions turn their backs on those that need their help, it is a disservice to those that built the movement by serving all those in need.

Credit unions have an opportunity to “put their money where their mouth is” when it comes to cannabis banking. With a number of states’ voters approving the use of medical and recreational marijuana, there is an urgent need for financial services for this entire industry. However, federal laws make it difficult, if not impossible, for cannabis businesses to open checking accounts, wire funds, access lines of credit or maintain payroll accounts. This is where credit unions enter the picture.

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