While the cannabis industry is undoubtedly expanding at a torrid pace, most new businesses lack one key component most traditional businesses boast effortlessly—a reliable banking service. While there have been several possible solutions drawn up, including cryptocurrency, the use of armored cars and state-run banks, there hasn’t been one uniform idea put into place. But now, one credit union offers banking services for cannabis businesses. The Bulldog Federal Credit Union has it all figured out.
Bulldog Federal Credit Union Offers Banking Services For Cannabis Businesses in Maryland
The Bulldog Federal Credit Union, which was originally founded way back in 1968 in Washington County, Maryland, has begun offering banking services to meet the needs of Maryland’s rising medical marijuana industry. The services began in January 1st, and according to BFCU President David Barrett, the endeavor perfectly caters to the MMJ community’s most pressing need.
“It’s a perfect fit,” said Barrett in a press release. “As a financial institution, we recognize the need for medical cannabis entrepreneurs to be able to conduct a business in a forthright, transparent and compliant manner that is both safe and part of the state regulatory environment.”
Despite the federal government’s staunch stance against marijuana legalization, including Jeff Sessions latest antics, BFCU has managed to create a safe, reliable and most importantly, 100% legal way for businesses to store their funds. Additionally, Barrett believes his system will remove money from the black market, which will, in turn, create an overall safer community.
“By offering our services to the cannabis industry, we will help remove large sums of cash from our streets, making the environment safer for our communities, friends and most importantly, our families,” Barrett said. “By providing safe, compliant, economical financial solutions to the entrepreneurs in Maryland’s medical cannabis industry, we hope to help them to realize growth and prosperity legitimately, and that will benefit not only our members but our community at large and our local economy.”
The co-founder of the Cannabis Innovation Alliance for Opportunity, Bradly Talbert, also lauded Barrett’s endeavor and believes Bulldog’s new initiative solves one of the largest problems facing Maryland’s burgeoning industry, especially considering that Bulldog has been in business since the late 60’s.
“Through research and consulting experts, we realized that a mature, steadfast credit union like Bulldog would be good for Maryland’s emerging cannabis industry,” Talbert concluded.
Final Hit: Credit Union Offers Banking Services For Cannabis Businesses
Since this is a relatively new idea, Barrett told us his company’s format is totally original, and it took an immense amount of dedication for this idea to come to fruition.
“We had a lot of blood sweat and tears going into it,” Barrett said.
And while Barrett doesn’t believe banks are on the cusp of adopting such a measure, he believes his endeavor could pave the way for other credit unions in weed-legal states.
“I think more places will start looking at it and thinking about doing it, Barrett said. “I think the credit unions are more susceptible to looking at something like this.”