An Olympia-based Credit Union is celebrating the 10th anniversary of providing banking services to the cannabis industry.
On Tuesday, O Bee Credit Union celebrated that it had provided banking to cannabis producers, processors and retailers, which it said was “transforming the once chaotic landscape of cannabis banking into a safe and secure environment.”
In 2012, Washington became the first state in the U.S. to legalize recreational marijuana usage, which in part inspired the U.S. Department of the Treasury’s Financial Crimes Enforcement Network to guide financial institutions on how to serve the cannabis industry.
According to O Bee, the credit union launched one of Washington’s first fully compliant cannabis banking programs in 2014.
“When other financial institutions hesitated, we stepped up, seeing an opportunity to bring stability and safety to the industry,” Chief Operating Officer Jennifer Roberts said in a statement. “We’ve spent 10 years proving this is possible.”
Since then, the credit union says it has helped provide banking to “hundreds of cannabis business owners.”
“The fact that O Bee is offering loans to cannabis companies is huge,” Kurt Naumer, president of Harmony Farms, said in a statement. “They’re helping level the playing field by treating us like any other business.”
According to O Bee, the credit union’s services have decreased reliance on cash, which has increased safety and efficiency.
“We are proud of our history and the strides we’ve made alongside the cannabis industry. As we look to the future, we are more committed than ever to standing by our cannabis partners and employees,” Roberts said.
