CU Claims First to Serve Pot Businesses in New England States

The $506 million GFA Federal Credit Union said last week it will become the first credit union in Massachusetts and New Hampshire to offer financial services to medical and recreational marijuana businesses.

The Gardner-Mass.-based credit union said it will serve cannabis companies through a CUSO, Safe Harbor Services of Arvada, Colo. Its cannabis banking program enables financial institutions to fully comply with state laws and federal guidelines, due diligence and other compliant-based requirements.

“When the Commonwealth legalized medicinal and recreational cannabis, we knew the multi-millions generated by this fast growing industry would soon become a safety issue, if unbanked,” GFA’s President CEO Tina Sbrega, said in a prepared joint statement with Safe Harbor Services. “Our board of directors recognizes the need to provide banking services for the safety of our citizens in reducing the ‘cash on the streets’ and I applaud them for their vision and commitment to providing public safety. ”

Safe Harbor of Massachusetts and Safe Harbor of New Hampshire will operate as separate business entities of the credit union, according to the prepared statement.

Although medical and recreational pot use is legal Massachusetts, only medical use of marijuana is legal in New Hampshire. However, small amounts of marijuana and hashish was reduced to a $100 fine violation, according to local media reports.

Sundie Seefried, president/CEO of the $387 million Partner Colorado Credit Union in Arvada, Colo., who chairs Safe Harbor Services, said last week on her LinkedIn page that a Safe Harbor Services entity in Arkansas has been established. However, she did not identify an Arkansas financial institution that plans to offer banking services to medical marijuana companies.

Safe Harbor Services is Partner Colorado CU’s wholly owned CUSO that was founded last year.