On Nov. 8, voters will be on the edges of their seats awaitingthe outcome of one of the most unusual and controversialpresidential races in recent history. In some states, electiondrama will amplify with the consideration of another hot topic –marijuana legalization.

As of now, California, Nevada, Massachusetts, Arizona and Maineplan to include recreational marijuana use on voters' ballots,potentially joining Colorado, Oregon, Alaska and Washington asstates where the drug is legal for recreational use. Voters inArkansas, Florida and North Dakota will consider legalizing medicalmarijuana.

The push to legalize recreational marijuana looks especiallypromising in my home state of California, where, according to theLA Times, more than 60% of those polled are in favor ofthe Adult Use of Marijuana Act, which would allow people 21 andolder to buy up to an ounce of pot and grow as many as six potplants. It would also slap a 15% sales tax on medical andrecreational marijuana, fueling an estimated $1 billion in revenueper year in the state, according to The Cannabist.

Despite growing acceptance of the drug and facts that show it isfar less dangerous than alcohol (for instance, the U.S. Centers forDisease Control and Prevention reported booze kills more than37,000 people annually, while the CDC doesn't even have a categoryfor marijuana-related deaths), it remains taboo. While it'ssocially acceptable to get a little tipsy at an office party orpost an image of full wine glasses with the hashtag #roseallday,you won't find someone instagramming a collection of edibles fromtheir local dispensary or openly discussing getting stoned withcoworkers. Plus, many employers can still legally fire or refuse tohire someone who tests positive for THC. It's a little like porn –plenty of Americans indulge in it harmlessly, but would bemortified if their habit went public.

Those who adamantly oppose the idea of marijuana use goingmainstream include members of the credit union community. CUTimes has reported on the prospect of offering marijuanabusinesses traditional financial services, therefore reducing theirrisks of operating in an all-cash environment. It seemed each timewe published an article on the topic, we received harsh commentsfrom readers who wouldn't even entertain the idea of working withbusiness owners whom they felt were condoning an immoral, dangerousactivity.

Because the drug remains federally illegal, marijuana businessesmust deny debit and credit card payments due to card companies'fears they'll be held liable for money laundering, with many of thebusinesses keeping ATMs onsite for customers. The TreasuryDepartment permits financial institutions to do business with legalmarijuana businesses under certain conditions, but it's stilldifficult for these businesses to obtain loans, although some havemanaged to by putting up real property instead of inventory ascollateral, The Cannabist reported this year.

Still, some credit unions have been brave enough to welcomemarijuana business owners as members, including the $207 millionObee Credit Union in Tumwater, Wash., and the $1.5 billion NumericaCredit Union in Spokane Valley, Wash. It should be noted that forany institution that chooses to do business with the marijuanaindustry, the choice comes at a cost. Obee and Numerica had to hiremore people to handle the extra work involved, including extensiveapplication processes, additional account monitoring requirements,and substantial increases in SAR and CTR filings. For small creditunions without the resources to manage these responsibilities,avoiding the pot industry is an understandable move.

With a major state like California coming close to legalizingrecreational pot – something that may tip the scales onlegalization efforts in other states and pressure the federalgovernment to give existing pot businesses easier access tofinancial services – it's time for more credit unions to embracethe idea of serving the marijuana industry. Doing so is right inline with the credit union philosophy of people helping people intwo ways: It makes communities safer by reducing the volume of cashbusiness owners are forced to keep on hand and supports the growthof small businesses.

Here's one reason why the latter is true: California's proposedMedical Marijuana Regulation and Safety Act intends to preventvertical integration by restricting the number of marijuanabusiness license types and locations a single business owner canpossess and operate, keeping businesses that enter the industryfrom growing too large. Should the MMRSA go into effect as it'scurrently written, credit unions that serve those business ownerswould be considered advocates for local economic growth – not amodel that allows a few big businesses to monopolize theindustry.

Just as it took time for people to embrace the selling ofalcohol after Prohibition, it's going to be a while before societyfully accepts legal marijuana businesses in their communities.Financial institutions might have been hesitant to open accountsfor liquor retailers in the 1930s, but they wouldn't think twiceabout it now.

Instead of hanging on to unsupported fears about this emergingindustry, try having an open mind – if not to marijuana use itself,than to what its sales can do for the economy. This industry willsoon become too big to ignore and give credit unions opportunitiesthat are too big to miss.

Natasha Chilingerian is managing editor for CU Times. Shecan be reached at [email protected].