I'm covering the Marijuana Business Association Canna Business & The Law seminar in Seattle. On the second panel, "Managing Your Marijuana Business Money", Bob Schweigert from Salal Credit Union announced that Salal will be offering banking, loan, and tax payment services for I-502 licensees in Washington State.
This is the second credit union in Washington State to announce that they will work with the marijuana industry. The other credit union is Numerica Credit Union, who announced that the would only be working with processors and growers, and only those that are located in the areas they have branches.
As far as I know, Salal would be the first and only federally insured financial institution that will be offering loans to marijuana businesses. If so, this is a very significant move and will help Washington's marijuana industry. Up until now, marijuana businesses have had to rely on private investors to fund their projects, which can come with a lot of strings attached.
I captured a quick quote from Mr. Schweigert following his appearance which you can hear at 420RADIO News.