Credit union proposes ‘limited banking services’ for Ohio medical marijuana companies

An Ohio credit union confirmed Monday it will offer “limited banking services” to the state’s medical cannabis companies.

While it’s not clear at this point what “limited banking services” means exactly and what may be offered to marijuana businesses by Wright-Patt Credit Union, the move is a positive one for cannabis companies that hope to avoid operating on an all-cash basis.

The news comes just before the possible December launch of Ohio’s medical marijuana market.

According to the Dayton Daily News, Beavercreek-based Wright-Patt first began looking at banking marijuana companies in January, when the Ohio Department of Commerce contacted the company to ask if it would be interested in working with MMJ companies.

The credit union said in a statement that it made the decision to work with the industry after consulting further with the commerce department and with the Ohio Division of Financial Institutions and elected officials, the newspaper reported.

4 comments on “Credit union proposes ‘limited banking services’ for Ohio medical marijuana companies
  1. Colt Pay on

    If these companies accept crypto or maintain their cashflow funds in crypto then they won’t have to worry about most of the issues associated with a traditional bank situation [having their money frozen, having funds seized, paying crazy rates for CC processing, having to wait weeks to get their money disbursed, etc]

    Reply
  2. Kris Etemadi on

    Surprising but good news from Ohio, indicating that Cannabis Banking is only a matter of time, and credit unions in other states will copy soon!

    Reply

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