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Credit Unions: A Better Choice For the Legal Marijuana Industry

Credit Unions: A Better Choice For the Legal Marijuana Industry

By Gina Ragusa
Published December 8

As an industry that always supports the underdog and the aid to humankind, credit unions are becoming the primary choice for the legal marijuana industry.

In states like Washington and Colorado, the legal sale of marijuana is trying to find a place with residents; much like any new industry or business.

However, the sociological and historical perceived connotations still prevail, along with the sporadic legality of the industry throughout the country. These preconceived notions currently make business establishment somewhat challenging, despite legal declaration.

This is why the credit union philosophy is the best fit for this emerging industry. “Credit unions in general are better choices for businesses because they are local, they know your story and because they don’t stockholders, they’re able to offer more tangible benefits to members,” explains Lynn Heider, vice president of public relations and communications at the Northwest Credit Union Association. “This includes generally better loan rates. But we acknowledge it’s hard for legal pot businesses to get the banking services they need because of the federal red tape and the increased regulatory burden imposed on financial institutions.”

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