North Bay Credit Union Stops Processing Applicants Amid Stampede
Remember the Sonoma County-based credit union accepting cannabis industry deposits on the down low? Word has gotten out quickly, which has forced the institution to suspend all cannabis application processing for the time being.
North Bay Credit Union has been “inundated with hundreds of inquiries and simply cannot process them all inasmuch as we have a limited staff,” CEO Chris Call told Marijuana Business Daily. The credit union has advised would-be clients to check back in the coming months.
As CalMarijuanaPolicy noted, North Bay has a strict policy on the clients it accepts to begin with. They must be locally based and in possession of a license for at least one year.
The rush on North Bay is a testament to the pressing needs of California's nearly all-cash marijuana industry.