Cannabis banking: Keys to success
Do your research, involve the board, and focus on compliance.
Troy Garry (left) and Phil Forbert say research, compliance, and comprehensive monitoring are keys to successful cannabis banking programs.
When U.S. Eagle Federal Credit Union in Albuquerque, N.M., began researching cannabis banking services, the board and leadership team worried members might not like the typically conservative financial institution getting involved in this line of business.
They worried needlessly.
A market analysis and member survey revealed that 85% supported the availability and use of medical cannabis, 58% would seek out organizations that support cannabis businesses, and 60% would patronize a financial institution that provided these services, says Phil Forbert, U.S. Eagle Federal’s director of cannabis business development.
He and Troy Garry, executive vice president/chief financial officer at Sound Credit Union in Tacoma, Wash., shared their respective forays into cannabis banking during the 2022 CUNA Finance Council Conference Monday in Las Vegas.
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