Marijuana banking blossoms: O Bee Credit Union goes “green” by targeting pot customers

first_imgby: Marguerite ArnoldWashington State based O Bee Credit Union – founded in 1955 to serve commercial accounts and private customers in the beer industry – has recently opened its doors to the cannabis industry. It currently has about 30 cannabis-related clients who deposit as much as $25,000 weekly, according to the credit union.Federal law still creates large risks for this kind of business and as a result, the board of O Bee was initially against the idea of serving commercial cannabis accounts. That said, last September, the credit union finally approved a plan to work with the industry and opened doors to commercial marijuana clients.“The opportunities inherent in serving a blossoming industry like the cannabis industry are there for any institution to see, and the early movers will benefit the most,” said Taylor West, deputy director of the National Cannabis Industry Association. “I’m sure O Bee’s experience working with another highly regulated industry gives them some insight and confidence in making what will be a smart business decision.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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