Credit Union Offers Banking Services For Cannabis Businesses

hightimes.com
Date:
Wednesday, Jan 10, 2018

A Maryland credit union has figured out a viable solution to a common problem amongst the cannabis industry.

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While the cannabis industry is undoubtedly expanding at a torrid pace, most new businesses lack one key component most traditional businesses boast effortlessly—a reliable banking service. While there have been several possible solutions drawn up, including cryptocurrency, the use of armored cars and state-run banks, there hasn’t been one uniform idea put into place. But now, one credit union offers banking services for cannabis businesses. The Bulldog Federal Credit Union has it all figured out.

The Bulldog Federal Credit Union, which was originally founded way back in 1968 in Washington County, Maryland, has begun offering banking services to meet the needs of Maryland’s rising medical marijuana industry. The services began in January 1st, and according to BFCU President David Barrett, the endeavor perfectly caters to the MMJ community’s most pressing need.

“It’s a perfect fit,” said Barrett in a press release. “As a financial institution, we recognize the need for medical cannabis entrepreneurs to be able to conduct a business in a forthright, transparent and compliant manner that is both safe and part of the state regulatory environment.”

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