Alaska credit union launches pilot program to serve marijuana firms

Published 14 hours ago | By Lisa Bernard-Kuhn

An Alaska credit union has joined the growing ranks of state-chartered financial institutions to announce plans to serve the legal cannabis industry.

Credit Union 1 – a 66-year-old, Anchorage-based business – announced Thursday it is kicking off a pilot program to provide financial services to the state’s approved marijuana-related businesses – otherwise dubbed MRBs.

“Since 2014, when marijuana was legalized in Alaska, the lack of financial services for MRBs has flooded local streets with cash, resulting in a community safety issue,” the credit union explained in a news release.

“Credit Union 1 hopes to help relieve this is issue by providing financial services to MRBs.”

Only legally operating MRBs will be served, the credit union noted – adding that those firms’ accounts “will be under constant, comprehensive monitoring by our compliance team to ensure all aspects of their businesses stay legal.”

Earlier this week, Ohio-based Wright Patt Credit Union announced plans to offer limited financial services to licensed medical marijuana operators in the Buckeye State.

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