NorCal Credit Union Steps Up to Provide Cannabis Banking Services
The North Bay Credit Union in Santa Rosa has quietly been providing banking services to licensed marijuana companies for more than a year, according to a new report in the North Bay Business Journal. That’s a big deal because it means North Bay is risking federal prosecution to perform a service that many experts say is critical to the ultimate wellbeing of the legal cannabis industry and the communities it serves.
Cannabis businesses tempted to rush to North Bay after this report should beware. The credit union is limiting its number of cannabis deposits to manage capital ratios. CEO Chris Call declined to identify the clients but said they are all located north of San Francisco, including some in Sonoma County.
North Bay’s decision appears to be a growing trend.
“Increasingly, credit unions are providing banking services to marijuana businesses, which are often rejected by private banks,” Marijuana Business Daily reports.