Salal Credit Union has announced that they’ll do business with recreational cannabis outlets in Washington State, allowing them to bank, take out loans and take part in other financial services. Salal is the second credit union, following Numerica Credit Union, to announce that they’ll work with those intending to distribute, process or cultivate cannabis for recreational purposes.
The announcement was made by representative Bob Schweigert at the Marijuana Business Association’s Canna Business & The Law seminar, which took place yesterday in Seattle, during a panel called Managing Your Marijuana Business Money.
Earlier this year the U.S. Justice and Treasury Departments released memos announcing that banks which provide financial services to state-licensed cannabis businesses, as long as those businesses are following certain guidelines, are unlikely to be prosecuted under federal law, an announcement that has eased some of the pressure, but is vague enough to keep most banks from wanting to get involved. This further emphasizes the importance of outlets like Salal stepping up and announcing their willingness to work with the cannabis industry.
Salal has locations in Bellevue, Tukwila and Seattle.