MONTPELIER, Vt.—A credit union in this state has stepped up to say it might consider working to resolve an issue that has vexed some other states as they wrestle with providing financial services to marijuana-related businesses, but it wants a number of questions answered first.
Vermont’s legislature is considering a proposal that would legalize recreational marijuana in the state. But a chief issue is how to deal with the financial needs of pot growers and retailers, especially as federal law continues to criminalize marijuana.
But Susan Donegan, Vermont's commissioner of financial regulation, told members of the Senate Judiciary Committee last week that state-chartered credit unions might be the answer, according to WPTZ.com. Specifically, Donegan said Vermont State Employees Credit Union is willing to serve marijuana-related businesses. VSECU already provides services to a marijuana dispensary, Donegan said, according to WPTZ.com.
"They believe this would be a business they'd consider expanding into if the recreational side of the operation became legal in Vermont," WPTZ.com quoted Donegan as telling the panel. "So we have at least one institution willing."
But Rob Miller, CEO of VSECU issued a statement in response, that "VSECU has not formally determined to what extent we will service recreational business, and will not do so until we have a better understanding of what passes and the associated risk and regulatory framework to meeting the needs of those cannibals businesses.”