Financial institutions have been reluctant to get into the medical marijuana business, but at least one local institution — Wright-Patt Credit Union — has actively sought business from approved growers as the nascent industry in Ohio gets off the ground.
The credit union in a Dec. 21 letter said it hopes one day to provide financial services to a business owner who received a license to grow medical cannabis in Huber Heights.
The chief executive of a Chicago-based company that received a license to cultivate medical marijuana in Yellow Springs said he received a similar letter.
Medical marijuana is not legal under federal law, even numerous states have approved it under their own state statutes. Financial institutions are concerned about the liability of handling money made from selling an illegal Schedule 1 drug under federal law. As a result, many marijuana businesses have had to deal in cash only.
The Dec. 21 letter to Jason Wilson, owner of Paragon Development Group, congratulates him on securing a license to grow medical marijuana and encourages him to start a process that could allow Wright-Patt Credit Union (WPCU) to provide financial services to Paragon.
“As I am sure you are aware, the marijuana-related business (“MRB”) industry has historically suffered for lack of access to basic financial services due to the current discrepancy between state and federal regulations,” says the letter from Scott Everett, WPCU vice president of business services.
RELATED: What does Huber Heights medical pot ban mean for planned growing site there? “Wright-Patt Credit Union is in the process of preparing a program which would allow us to provide banking services to this greatly underserved component of our society in compliance with applicable state and federal monitoring requirements.”
Wilson provided the letter to Huber Heights officials — and later to the Dayton