HAGERSTOWN, Md.–Bulldog Federal Credit Union here said it will begin serving the cannabis industry even as the federal government has announced a change in policy related to the pot biz.
The credit union will be one of only a few institutions locally willing to tackle service to the medical marijuana industry. According to the Baltimore Business Journal, to date Severn Savings Bank has been the only other institution willing to take on the risk and compliance of serving medical marijuana growers and dispensaries, as marijuana remains illegal under federal law.
David Barrett, president and CEO of Bulldog FCU, told the Baltimore Business Journal he and the credit union have been working to establish a cannabis industry-complaint operation since April of 2017. Bulldog has six branches in Maryland and has not yet opened any cannabis-related accounts.
"These people are business owners just like anybody else," Barrett was quoted as saying. "There's book stores, liquor stores and now we have these [cannabis] stores and they're businesses that are just trying to serve a need in Maryland. So, we want to do the same for them."
Bulldog FCU’s announcement comes as U.S. Attorney General Jeff Sessions has announced he is rescinding the so-called Cole Memo issued by the Obama Administration, which offered guidance on how state-based legal marijuana industries should operate.
Barrett told the Baltimore Business Journal that despite Sessions' decision, Bulldog plans to proceed as planned and adhere to the legality the "citizens of Maryland voted for."
The $120-million Bulldog FCU—founded to serve the manufacturer of Mack Trucks before expanding to a community charter–plans to charge cannabis businesses a $2,500 onboarding fee and $1,500 monthly fee for its services, according to the Business Journal.