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

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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.