first_imgMost banks at this time refuse to do business with anyone in the industry because marijuana is still a controlled substance under federal law. Credit Union 1 president and CEO James Wileman: “The lack of services for marijuana related businesses has created a cash crises and safety issue in our community and we are seeking to solve it. We’re going to do that by starting with a pilot program to ensure our process and processes internally are regulatory and legally compliant, and from there we will look to expand as quickly and responsibly as possible.”  Facebook0TwitterEmailPrintFriendly分享Credit Union 1 has announced that it will initiate a pilot program to provide financial services to Marijuana Related Businesses. Credit Union 1 will be donating a minimum of one percent of the profits received from the program to the #CU1LUV Community Fund in 2019. The fund goes to benefit nonprofits and Alaskans in need through supporting community initiatives like soup kitchens and youth engagement organizations, according to Wileman. Wileman: “Credit Union 1 is not a political or moral position on the legalization of marijuana by providing these services. We’re merely seeking to provide a need for a group of individuals that has been operating cash-only, with zero access to banking, for a really long time.”last_img