PORTLAND, Ore.–How do consumers perceive a financial institution that provides services to the legal marijuana industry?
According to a survey or Oregonians, it would have no negative effect on the FI’s reputation.
The survey, conducted by DHM Research and LT Public Relations, was conducted in November in Oregon, where recreational marijuana was officially legalized on July 1, 2015.
“Banks and credit unions now have quantitative research on the public’s perceptions of servicing the legal marijuana industry to rely upon,” said Casey Boggs, president of LT Public Relations. “The data about the opinions of potential members or customers will help financial institutions make informed decisions about if and how they pursue providing needed financial services to this developing industry.”
According to the research, reputational concerns banks and credit unions may have about working with marijuana businesses appear largely unfounded. If attitudes of Oregonians are a good barometer, then banks and credit unions in states where recreational marijuana is legal may have stronger reasons to enter the market than they do to abstain.
“This is a new area of research” said Su Midghall, president and principal of DHM Research, in a statement. “This survey shows that Oregonians support credit unions and smaller banks in general, and are in favor of these institutions doing business with the marijuana industry. Voters approved the sale of recreational marijuana, and, based on our research here and elsewhere, the public views the industry like other businesses. Oregonians don’t see why banks can’t help marijuana businesses, especially if it would improve public safety by removing their dependence on cash.”
Complete details about the survey, including an analysis of the findings and a list of seven key insights are available at ltpublicrelations.com/survey and www.dhmresearch.com/marijuana.