Monday, May 12, 2014

Numerica CU Will Bank Pot Growers and Processors, But Not Retailers

The Spokesman-Review is reporting that Numerica Credit Union is the first financial institution in the state of Washington willing to accept clients whose business is the growing or processing of marijuana. Numerica’s executive group decided against creating accounts for pot retailers in order to comply with Justice Department guidelines. The credit union plans to limit its aggregate deposit exposure to these businesses to 5 percent of the credit union's total deposits.

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