growning marijuana economy Source: Shutterstock.

A California credit union, a fintech and a trust bank are launching a new CUSO that will enable credit unions and community banks to offer banking services to cannabis companies without making the personnel and technology investments needed to meet stringent state and federal compliance requirements.

The CUSO, HigherGrowth LLC has been in development over the last two years by the $97.4 million North Bay Credit Union in Santa Rosa, Calif., which has been serving California cannabis companies since 2017, and its partners Austin Capital Trust Company in Henderson, Nev., and MRBD, a Silicon Valley fintech.

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