BEAVERCREEK, Ohio–Wright Patt Credit Union said it plans to offer “limited banking services” to legally licensed medical marijuana businesses in its markets.
The credit union had earlier this year indicated it was offering to do business with state-approved growers, according to the Dayton Daily News.
The Wright-Patt board has authorized the credit union to offer limited banking services to qualified, licensed and legally-operating businesses involved in medical marijuana,” the credit union said in a statement.
The $4.3-billion Wright-Patt told the Dayton Daily News it consulted with the Ohio Division of Financial Institutions, the state’s Department of Commerce and elected state officials, prior to making its announcement. According to the Daily News, Wright-Patt was contacted about offering banking services to cannabis-related businesses by the Department of Commerce.
In September 2016, the Ohio legislature passed a bill legalizing medical marijuana use in Ohio by patients with 21 conditions.
“Without banking services, these businesses would be forced to operate on an all-cash basis, which can result in community safety issues and criminal activity,” Wright Patt CU said in its statement. “In addition, WPCU believes that legally-operating businesses in Ohio have a right to banking services.”