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Alaska credit union launches pilot program to serve marijuana firms

Alaska credit union marijuana, Alaska credit union launches pilot program to serve marijuana firms

An Alaska credit union has joined the growing ranks of state-chartered financial institutions to announce plans to serve the legal cannabis industry.

Credit Union 1 – a 66-year-old, Anchorage-based business – announced Thursday it is kicking off a pilot program to provide financial services to the state’s approved marijuana-related businesses – otherwise dubbed MRBs.

“Since 2014, when marijuana was legalized in Alaska, the lack of financial services for MRBs has flooded local streets with cash, resulting in a community safety issue,” the credit union explained in a news release.

“Credit Union 1 hopes to help relieve this is issue by providing financial services to MRBs.”

Only legally operating MRBs will be served, the credit union noted – adding that those firms’ accounts “will be under constant, comprehensive monitoring by our compliance team to ensure all aspects of their businesses stay legal.”

Earlier this week, Ohio-based Wright Patt Credit Union announced plans to offer limited financial services to licensed medical marijuana operators in the Buckeye State.

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