Nearly all of the nation’s banks refuse to take money from marijuana sales. They don’t offer basic checking or credit card services to the cannabis industry for fear they’ll be shut down by federal authorities that classify marijuana as an illegal narcotic.
The banks won’t do business with a cannabis business.
“It’s the biggest problem we have,” said Taylor West, deputy director of the National Cannabis Industry Association, a grass roots organization with members that make lots of cash but don’t have a bank to put it in.
An article in The Financial Brand reiterated “Government guidance on marijuana merchants hasn’t seemed to allay the banking industry’s fears, but a few financial institutions are looking at the lucrative market thinking it might be time to dive in.”
The National Credit Union Administration (NCUA) charters federal credit unions. A charter is a license to operate the credit union. If you’re considering the formation of a federal credit union, here are some resources to help you begin the chartering process.
MJ Consulting is in the process of establishing and maintaining a Federal Credit Union for members in the cannabis industry through The National Credit Union Administration (NCUA). This will give growers, processors, retailers and dispensaries access to the banking system.