The Credit Unions and Small Banks That Solved the Cannabis Cash Crisis

The Credit Unions and Small Banks That Solved the Cannabis Cash Crisis

Lester Black | Apr 19, 2017

Since weed was legalized here in 2012, much has been written about the industry’s banking problem. Headlines described retail pot shops as sitting targets because they were supposedly filled with millions of dollars in cash, and owners having nowhere to stash it. That may have been the case in the first few years, but the most current records available show an active relationship has blossomed between Washington’s banks and the bud industry.

In February of 2014, the number of banking institutions working with the weed industry nationwide was 15 total. As of September of 2016, the number had grown to 311, according to internal reviews conducted by the US Department of the Treasury obtained through a records request by The Stranger. These days, 95 percent of marijuana-excise-tax payments paid to the state come in a form other than cash, according to Washington State Liquor and Cannabis Board (WSLCB) spokesperson Brian Smith.

The Credit Unions and Small Banks That Solved the Cannabis Cash Crisis






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