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Expert Opinion

Marijuana Banking: Consider the Big Picture

Will this be your last dance with Mary Jane, or will you explore the possibility of marijuana-related banking?

By Cindy Hagan | Updated on October 12, 2018
There are pros and cons to marijuana banking for CUs.

The last dance with Mary Jane? Well, I’m no Tom Petty, but I can say that marijuana laws are stuck in what seems to be an impassable haze of gray. What does that mean for credit unions? Now is the time to take a stance – is your institution willing to pursue banking relationships with marijuana-related businesses or not?

As more marijuana-related businesses (MRBs) pop up, they are looking for banking institutions to handle their finances, especially since they tend to be cash-heavy. As a credit union, these businesses may come to you for their banking needs. Before you agree, do your research. Look at all the different laws and regulating bodies’ guidance to see how a relationship with MRBs could impact your credit union.

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