You probably have forgotten about the role of credit unions in the country’s marijuana business – estimated to be north of $40 billion. I know I had. It’s been years since we did a show on this topic.
But on the show today is Kevin Hart, CEO of Green Check Verified, a business that provides tools to financial institutions that serve the country’s many marijuana businesses.
As Hart says in the show, narijuana may not be legal in federal law – it is legal in 39 states for medical use and 24 states for personal use – but there is no federal law prohibiting a bank or credit union from providing financial services to a marijuana business.
That marijuana business too must operate in full compliance with the laws in its states.
How does a credit union successfully navigate this landscape? Also on the show is Megan Bennett, manager MRB compliance at Wright-Patt Credit Union in Ohio. the 38th biggest credit union in the country with assets around $9 billion. MRB of course is Marijuana Related Businesses.
Bennett explains, in detail, how Wright-Patt decided to serve marijuana businesses, how it’s working for the institution, and why this is a win-win-win for the state of Ohio, the marijuana businesses and the credit union.
How many credit unions serve marijuana businesses in the US? Under 200, probably nearer 150. But Wright-Patt just may illustrate how it can be done, legally and well.
