Alaska credit union to nix pilot banking program for cannabis-related businesses

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A credit union in Alaska will soon end a program it launched to provide some marijuana businesses in the state with checking and savings accounts in an attempt to reduce their reliance on cash.

Anchorage-based Credit Union 1 said it will formally shutter the service Aug. 30.

The catalyst, according to the credit union, was the unavailability of a critical insurance package without which the program cannot proceed beyond the pilot stage, the Anchorage Daily News reported.

There also hadn’t been as much of an uptake of the services provided, according to the newspaper.

– Associated Press and Marijuana Business Daily