The Voice of Canadian Credit Unions
Banking / Business /  •

Global: CU supports marijuana biz

marijuana industryWhen credit unions converged at the World Credit Union Conference in Denver this past July, the marijuana industry was a hot topic of discussion.

Colorado, after all, is one of two U.S. states (Washington is the other) where recreational use of the drug is legal, yet the industry remains largely unbanked.

That means pot purveyors quite literally have bags of money they need to deposit and few financial institutions willing to take their cash.

Partner Colorado Credit Union (PCCU) is filling that gap.

“I wonder if credit unions aren’t missing an opportunity to do something nobody else wants to do and do it right,” said PCCU CEO Sundie Seefried at the conference.

“We have been chartered to serve the underserved and unbanked, and there’s certainly an opportunity here in this market.” ◊