Looking for some advice on which financial institutions are friends or foes with cannabis processors. Any tips are appreciated, but please keep in mind that I want to pay taxes and avoid any account freezing, cancelling, or seizing.
Have you looked into any credit unions in the area? I bank with PSCCU, they used to process my cannabis money no problem. The company I was working for used O Bee (iirc) without any issues. You could also check out Salal. These are all in WA.
Edit: I say they used to process my checks because I don’t work cannabis anymore.
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Thanks for the response! I was thinking credit unions might be easier to work with because they are more localized within these legal states. Maybe banks that aren’t FDIC insured would be better? NCUSIF might have different rules to follow.
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Sound credit union
Obee credit union
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Seconding Sound Credit Union and Obee in WA. Both have made it clear they are very pro cannabis industry.
Also occasionally see customers with Salal Credit Union and Timberland Bank as well. Any of those 4 should be solid options.
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In OR Salal has never given us any issues been banking with them for almost five years now. We have to go through a co-op bank but there’s never been an issue there either.
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