GFA Federal Credit Union of Colorado are pleased to announce they will be offering banking solutions to the legal cannabis industry in Massachusetts and New Hampshire.
Currently under federal law cannabis is scheduled as a narcotic despite state legalization. Therefore banking institutions have felt compelled to deny banking options to those in the cannabis industry.
With GFA changing their policies, businesses will now be able to offer debit and credit card transactions to their customers, eliminating the security risks associated with having large amounts of hard currency on hand.
The decision was made after a partnership agreement was met with Safe Harbor Services of Colorado. Safe Harbor acts as a liaison between financial institutions and cannabis businesses.
In order to protect itself, GFA will require all cannabis businesses seeking banking services to be up to date on their licenses and regulatory approvals from the state and municipalities. GFA will begin offering services Oct. 1, 2018.
Though GFA is not a national bank, this is a step forward. GFA is providing a blueprint for other institutions to find lucrative way to offer services to the cannabis industry.