washington state marijuana regulations
Marijuana Business News

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

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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  • 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.