Credit Union in Oregon Offers Banking Services to Cannabis Businesses

Banking is a continual problem in the cannabis industry, and no matter which way it’s approached, the option for safe cannabis banking is stuck behind a federal wall. Until the time comes when the federal government changes the classification of cannabis, it’s up to the small businesses to do what they can to protect their assets.

In Oregon, the Willamette Valley-based credit union called Maps has begun opening accounts for cannabis businesses in the area. A representative of Maps Credit Union, Shane Saunders, told Jefferson Public Radio that the union has already opened more than 100 accounts. “Really for us it’s about community safety and about serving our community,” Saunders said.

He also shared that account holders are thoroughly investigated by the credit union. This includes at least one visit to the business location to ensure that the cannabis business is following all state laws. This extra work on the credit union’s part is not without cost though. Opening an account with MAPS costs more than the average price, and if for any reason there are federal agencies “cracking down” on cannabis, they’ll cease operation with all cannabis clients immediately. “We would issue the funds back to anyone who has deposited to us that is a marijuana related business,” said VP Credit Union, Rachel Pross.

Although Oregon passed a bill in 2016 regarding trying to protect financial institutions such as Maps, there aren’t too many credit unions taking the state up on the offer just yet without further protection for their businesses, as well as the cannabis businesses they aim to work with.