Numerica Credit Union has announced that they will work with legal marijuana growers and processors in Washington State. Numerica Credit Union decided to not open accounts for cannabis retailers at this time. Numerica Credit Union, which has roughly 100,000 members, is the first and only credit union allowing marijuana businesses to open accounts in Washington State. State licensed and regulated cannabis commerce is expected to start in Washington State in July.
From the The Spokesman-Review:
Beyond restricting pot retailers, Numerica's rules for marijuana include:
• Each marijuana business bank account will be limited to $5 million in total deposits.
• No debit cards or credit cards tied to the account will be issued. The accounts also cannot use remote deposit capture - taking a photo of a check and depositing it via a cellphone.
• All deposits need to be made in person, with no night deposits allowed, Hawkins said.
• Account holders must live in a community where Numerica has a branch. The credit union has 17 branches in Washington and North Idaho.
It will be interesting to see what other services are eventually offered by Numerica. I wouldn't be surprised to see more financial institutions changing their policies now that they see someone else has beat them to the punch. Numerica operates in a part of Washington that doesn't have many marijuana businesses.
How long will it take for a credit union along I-5 to start accepting marijuana businesses? And will they work with marijuana retailers in addition to growers and processors? This is a very significant step in the implementation of Washington's cannabis legalization law, and a major step for the marijuana industry of Washington. Step by step, until cannabis commerce is free across the globe.