ANCHORAGE, Alaska.–Credit Union 1 here said it will begin to offer services to the legal cannabis industry.
The credit union is now in the process of rolling out a pilot program to provide financial services to the state’s approved marijuana-related businesses – otherwise dubbed MRBs.
“Since 2014, when marijuana was legalized in Alaska, the lack of financial services for MRBs has flooded local streets with cash, resulting in a community safety issue,” the $1-billion Credit Union 1 said in a released statement. “Credit Union 1 hopes to help relieve this is issue by providing financial services to MRBs.”
Stressing it would serve only MRBs that are operating legally, it stressed in the same statement the companies’ accounts “will be under constant, comprehensive monitoring by our compliance team to ensure all aspects of their businesses stay legal.”
As CUToday.info reported here, Wright-Patt Credit Union in Ohio recently announced similar plans to offer “limited banking services” to licensed medical marijuana businesses.