After reading the federal expectations and guidelines on how financial institutions could offer banking services to marijuana businesses, Jennifer Roberts, COO of the $207 million Obee Credit Union, never expected the Tumwater, Wash.-based cooperative would be able to serve the cash-rich pot industry.
“I read the Cole Memo and thought, there is no way our small credit union can do anything in this arena to comply, so we decided we were not going to get involved,” Roberts recalled.
Most financial institutions are wary about serving the marijuana industry because it could potentially create the compliance nightmare from hell, coupled with the possibility of federal crackdowns.
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