ANCHORAGE, Alaska–Credit Union 1 is reporting it will discontinue a pilot program to provide checking and savings accounts to marijuana-related businesses.
The credit union said it is ending the program Aug. 30 due to a critical insurance coverage that is no longer available, according to the Anchorage Daily News.
As CUToday.info reported here, Credit Union 1 announced the program in late 2018, saying it was seeking to remove a “flood” of cash from the streets.
Credit Union 1 CEO James Wileman told the Anchorage Daily News marijuana-related businesses cannot continue the program beyond a pilot phase without the liability coverage.
He also said four marijuana-related businesses participated in the program, which did not perform as well as the credit union expected.