Toke up – the CU2.0 Podcast is back with another look at cannabis and credit unions, a topic we last looked at a year ago in a two part podcast. Part 1 here, Part 2 here.
Welcome to Part 3, 2020 edition of Up in Smoke, credit union style. Today’s guest is Paul Stull CEO of the Credit Union Association of New Mexico.
What this is about is the business of banking cannabis companies, said Stull. And he fervently believes that cannabis – so far an untouchable for the big national banks – is a prime opportunity for credit unions to build dynamic and profitable business account relationships that involve both deposits and lending.
And this is business that right now the national banks won’t take on.
About two in every three states presently has legal marijuana in some form (medical, recreational or both).
Said Stull: “Most credit unions are involved in banking marijuana money whether they know it or not.”
His argument: do this openly, consciously, charge accordingly and it’s a win win, for the credit union, also for the marijuana business.
In the podcast, Stull offers a deep dive into why cannabis banking also benefits local communities – meaning this is a solid credit union business direction.
The opportunities with cannabis for credit unions right now looks immense.
Stay tuned because in a few weeks another cannabis themed podcast will drop.