What credit unions need to know about cannabis banking during the COVID-19 crisis – CUInsight

  • Most states that have legalized marijuana have designated MRBs essential during this crisis so many have remained open when other businesses have had to close their doors.
  • What we’ve seen in practice is that operating models that weren’t previously legal or common under state programs, like curb-side sales and home deliveries, are now the norm.
  • Notable among them is that they aren’t eligible to participate in any of the current federal stimulus programs, like SBA Loans or the Payroll Protection Program, because marijuana businesses remain federally illegal.
  • If your credit union is already banking MRBs, you should reach out to them to understand how their operations have changed in response to public health concerns and check with your state cannabis authority to see how its program has been adjusted.
  • For instance, medical marijuana businesses may be considered essential but adult-use ones may not.

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