Due to a new initiative launched by Credit Union 1, marijuana companies in Alaska can finally have access to banking services, as a recent report indicates. During a press conference where representatives announced the launch of this program, James Wileman (CEO of Credit Union 1) announced that this new initiative will serve as a direct response to a massive cash crisis faced by businesses operating in branches of the marijuana industry in our northernmost state. Officially legalized in 2014 (enforced in 2015), marijuana is now at the heart of a $200 million retail industry in the Last Frontier, but, without the help of banks, companies have been forced to find independent locations for their income. Likewise, owners have to use this income to make payments and provide income to employees. Stepping in for community credit unions, Credit Union 1 has arrived to help out the Alaskan pot industry. Let’s take a closer look at this situation and find out more.
Limited Banking Services Only
Despite the instant move to help the state, Credit Union 1 can only provide limited banking services for checking/savings account setup, deposit, and withdrawal. However, once clients enroll with the company and establish accounts, Credit Union 1 is hopeful that they will be able to introduce payroll services to their lineup. According to Wileman, this limited lineup serves as insurance that all activity will be legal and up to par with regulations. Once the companies’ safety has been assured, Credit Union 1 will proceed with more details banking services.
Battling the Cash Crisis in Alaska
Ultimately, though, Credit Union 1 wants to put a stop to the cash crisis plaguing Alaskan pot industry, which officials (and Wileman) have labeled a threat to public safety. In that light, the new initiative has received overwhelming support from the State of Alaska Tax Division and the Alcohol and Marijuana Control Board. Overall, handling multi-million dollar payments can be quite a challenging ordeal for tax officials, plus the process itself is lengthy and very risky. Once again, this is just another addition to the long line of problems the U.S. marijuana industry is facing.
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