May 152014
 May 15, 2014

numerica credit union marijuanaNumerica Credit Union has announced that they will work with legal marijuana growers and processors in Washington State. Numerica Credit Union decided to not open accounts for cannabis retailers at this time. Numerica Credit Union, which has roughly 100,000 members, is the first and only credit union allowing marijuana businesses to open accounts in Washington State. State licensed and regulated cannabis commerce is expected to start in Washington State in July.

From the The Spokesman-Review:

Beyond restricting pot retailers, Numerica’s rules for marijuana include:

• Each marijuana business bank account will be limited to $5 million in total deposits.

• No debit cards or credit cards tied to the account will be issued. The accounts also cannot use remote deposit capture – taking a photo of a check and depositing it via a cellphone.

• All deposits need to be made in person, with no night deposits allowed, Hawkins said.

• Account holders must live in a community where Numerica has a branch. The credit union has 17 branches in Washington and North Idaho.

It will be interesting to see what other services are eventually offered by Numerica. I wouldn’t be surprised to see more financial institutions changing their policies now that they see someone else has beat them to the punch. Numerica operates in a part of Washington that doesn’t have many marijuana businesses.

How long will it take for a credit union along I-5 to start accepting marijuana businesses? And will they work with marijuana retailers in addition to growers and processors? This is a very significant step in the implementation of Washington’s cannabis legalization law, and a major step for the marijuana industry of Washington. Step by step, until cannabis commerce is free across the globe.

Source: International Cannabis Business Conference

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About Anthony Johnson

Anthony Johnson is the director of New Approach Oregon, the PAC responsible for Measure 91, that ended cannabis prohibition for all Oregon adults in 2014. In addition to helping organize the International Cannabis Business Conference & the Oregon Medical Marijuana Business Conference, he also serves as a Board Member of the National Cannabis Coalition, working to legalize cannabis across the country and Show-Me Cannabis Regulation, an organization specifically working to end cannabis prohibition in Missouri.As President of the University of Missouri Law School ACLU Chapter, Anthony co-authored the measures that legalized medical cannabis possession and decriminalized personal possession for all adults within the city limits of Columbia, Missouri, in 2004. Following law school, Anthony practiced criminal defense for two years before working full time in the political field to help improve and protect civil liberties.You can follow Anthony on Twitter and also friend him on Facebook by following the links below as he posts mostly about civil liberties and politics with dashes of sports, music, movies and whatnot.
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  3 Responses to “Washington Credit Union To Offer Accounts To Some Marijuana Businesses”

  1.  

    Interesting and promising, but do they have to use the back door and won’t be allowed to use their bathrooms either?

  2.  

    And they will have to sit at the back of the bus

  3.  

    Along similar lines, I’d like to see more Americans pull their money out of fed banks and open accounts in credit unions all across the nation. Seeing how the ‘too big to fails’ can be brought to their knees would be nice. The states that are afraid of the gobbernment and the feds, will have control of their states money, thereby ignoring the feds, for the most part, for not getting off of their fat asses and running point on medical cannabis.

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