The $1 billion Credit Union 1 in Anchorage, Alaska confirmed Wednesday that it pulled the plug on its pilot program that provided financial services to four marijuana-related businesses.
“In July, our program reached an important evaluation milestone,” Credit Union 1 said in a prepared statement when reached by CU Times. “With input from an independent certified public accounting firm and other sources, the decision was made to discontinue this pilot, effective immediately. We’ve learned that a critical liability insurance coverage is no longer available to us. Without this coverage, our MRB program cannot continue beyond a pilot phase.”
What’s more, during the past several months the pilot program was not performing as expected within its organizational model, according to Credit Union 1’s evaluation of the program.
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