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Salal Credit Union Will Offer Banking Services To I-502 Licensees

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washington state marijuana regulationsI’m covering the Marijuana Business Association Canna Business & The Law seminar in Seattle. On the second panel, “Managing Your Marijuana Business Money”, Bob Schweigert from Salal Credit Union announced that Salal will be offering banking, loan, and tax payment services for I-502 licensees in Washington State.

This is the second credit union in Washington State to announce that they will work with the marijuana industry. The other credit union is Numerica Credit Union, who announced that the would only be working with processors and growers, and only those that are located in the areas they have branches.

As far as I know, Salal would be the first and only federally insured financial institution that will be offering loans to marijuana businesses. If so, this is a very significant move and will help Washington’s marijuana industry. Up until now, marijuana businesses have had to rely on private investors to fund their projects, which can come with a lot of strings attached.

I captured a quick quote from Mr. Schweigert following his appearance which you can hear at 420RADIO News.

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About Author

Executive Director: Russ Belville has been active in Oregon marijuana reform since 2005, when he was elected second-in-command of the state affiliate, Oregon NORML. After four years with Oregon NORML, Russ was hired by National NORML in 2009, working as Outreach Coordinator and hosting the NORML Daily Audio Stash podcast until 2012. Since then, Russ launched the 420RADIO marijuana legalization network and is the host of The Russ Belville Show, a live daily marijuana news talk radio program. Russ is also a prolific writer, with over 300 articles posted online and in print in HIGH TIMES, Huffington Post, Alternet, The Weed Blog, Marijuana Politics, and more.

  • Suzi J Appelgate

    Wow! I am so glad to hear that Washington is finally getting with the program. It seems that we were so much more progressive than Colorado to begin with, and now we are literally eating their dust and losing not only progress and knowledge on the learning curve, but revenue, lots of revenue. Hearing this, for me was like hearing water find parched earth, thanks Russ.