SANTA ROSA, Calif.–North Bay Credit Union here has been hit with so many applications from cannabis-related businesses seeking financial services that it has had to
put a temporary pause in place while it sorts through all the new business.
The credit unions said in an email to Marijuana Business Daily it has been “inundated with hundreds of inquiries and simply cannot process them all inasmuch as we have a limited staff,” the publication reported. The email was sent by North Bay CEO Chris Call.
According to Marijuana Business Daily, North Bay Credit Union has been issuing letters to applicants explaining it has suspended the application process for marijuana companies so it can catch up with its current backlog.
Call said in the email that North Bay has “approximately 70 applications currently in the pipeline,” the report states. That letter urges recipients to “please check with us again in a few months,” the publication added.
According to the letter, the credit union’s policy is to work only with cannabis companies that operate in Sonoma County and have had a business license for at least one year, Marijuana Business Daily reported.