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Alaska Credit Union Pulls the Plug on Pilot Pot Program

Though unavailability of insurance is blamed, the pilot project was not meeting expectations.

Alaska state flag with marijuana. Source: Shutterstock.

The $1 billion Credit Union 1 in Anchorage, Alaska confirmed Wednesday that it pulled the plug on its pilot program that provided financial services to four marijuana-related businesses.

“In July, our program reached an important evaluation milestone,” Credit Union 1 said in a prepared statement when reached by CU Times. “With input from an independent certified public accounting firm and other sources, the decision was made to discontinue this pilot, effective immediately.  We’ve learned that a critical liability insurance coverage is no longer available to us. Without this coverage, our MRB program cannot continue beyond a pilot phase.”

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