New York MJ Business Reveals Banking Partner

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One of the 50 largest credit unions in the United States is banking legalized medical marijuana money.

Ari Hoffnung, CEO of Vireo Health of New York, revealed to the Albany Business Review that his company has a deposit account with the State Employees Federal Credit Union (SEFCU) in Albany, New York.

Vireo holds one of the five licenses in New York to cultivate and sell medical cannabis.

The company can use the account to deposit money and pay its employees and vendors.

The SEFCU is federally chartered and regulated and insured by the National Credit Union Administration, a U.S. government agency.

“We think SEFCU is a wonderful banking partner and we’re grateful they’re providing leadership on this,” Hoffnung said.

Founded in 1934, the SEFCU has more than 340,000 members and 47 branches in New York State. It has more than $3 billion in assets and employs nearly 800 people, according to its website.

New York’s four other marijuana businesses have not revealed the names of their banking partners are. Most financial institutions that work with the cannabis industry keep their cooperation low-profile, often even requiring companies to sign non-disclosure agreements.