An Ohio-based credit union is hoping to help out the state’s medical marijuana businesses.
Wright-Patt Credit Union is stepping into the void to help licensed businesses open depository accounts, use its online banking functions and electronic transfers. The Beavercreek-based bank is one of just a few hundred in the country to open itself to the burgeoning legal marijuana industry.
“By offering banking services to medical marijuana companies operating legally in Ohio, Wright-Patt Credit Union is contributing to the health and safety of our community by allowing money to be accounted for and taxed,” said Doug Fecher, CEO of the bank, in a statement. Fecher also said that the new services align with the bank’s commitment to help underserved businesses.
Traditionally, the marijuana industry has found financial services unavailable or difficult to arrange thanks in large part to the federal government maintaining a ban on marijuana even as more states move to legalize it. The federal ban makes it impossible for most large financial institutions to offer services to companies that make their money off the sale of marijuana products.