The problem with banking and marijuana is that marijuana is still illegal at the federal level, thus, banks and credit unions cannot legally deal directly with marijuana businesses.
The businesses typically have to funnel cash thru LLC’s and “garden shops” and other silly things. It is also a laborious nightmare for state treasury’s to collect marijuana tax money.
This is because the federal government still classifies marijuana as a Schedule I drug, in the same category as heroin.
Alaskan credit union, Credit Union 1, based in Anchorage, recently announced that it will open up banking to MRB’s (Marijuana Related Businesses).
The reasoning behind this is that it’s a community safety issue to handle so much cash and it will also save state workers from hand-counting $1.5 million dollars in cash tax payments every month.
Alaskan’s voted to legalize marijuana in 2014 and we are curious to see how this new marijuana banking alliance plays out.
CU 1 (Anchorage, Alaska)