Send us a text

You probably have forgotten about the role of credit unions in the country’s marijuana business - estimated to be north of $40 billion.  I know I had. It’s been years since we did a show on this topic.

But on the show today is Kevin Hart, CEO of Green Check Verified, a business that provides tools to financial institutions that serve the country’s many marijuana businesses.

As Hart says in the show, narijuana may not be legal in federal law - it is legal in 39 states for medical use and 24 states for personal use - but there is no federal law prohibiting a bank or credit union from providing financial services to a marijuana business.

That marijuana business too must operate in full compliance with the laws in its states.

How does a credit union successfully navigate this landscape? Also on the show is Megan Bennett, manager MRB compliance at Wright-Patt Credit Union in Ohio.  the 38th biggest credit union in the country with assets around $9 billion. MRB of course is Marijuana Related Businesses.

Bennett explains, in detail, how Wright-Patt decided to serve marijuana businesses, how it’s working for the institution, and why this is a win-win-win for the state of Ohio, the marijuana businesses and the credit union.

How many credit unions serve marijuana businesses in the US? Under 200, probably nearer 150.  But Wright-Patt just may illustrate how it can be done, legally and well.

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

And like this podcast on whatever service you use to stream it. That matters.

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto