Elevations CU Asks Members About Medical Marijuana Transactions
The $940 million Elevations Credit Union said it is choosing not to do business with medical marijuana dispensaries and has asked its business members to attest to not selling, producing or storing the drug.
According to a Feb. 12 Boulder Weekly article, the Boulder, Colo.-based Elevations sent a letter to its business account members in January asking them to identify the nature of their business accounts as a requirement of the CU's member due diligence program. The letter said the growing number of medical marijuana dispensaries and related business prompted Elevations to ask if any of its business members were providing the sale, production or storage or marijuana. If members did not respond within 30 days, their accounts would be closed.