Alaska credit unions not high on marijuana business

by: Michael Muckian

Alaska may be among the latest states to legalize marijuana, but a long wait time before pot sales become legal in the state will give credit unions the opportunity to decide whether they want to play a role in serving the industry. Early reports indicate that many are not keen on the idea.

On Nov. 4, 2014, Alaskans voted in favor of AS17.38, also known as Proposition 2, which enabled state authorities to tax and regulate the production, use and sale of marijuana. Initial oversight was given to the Alaska Alcohol Beverage Control Board, which was allowed nine months after the law’s effective date of Feb. 24, 2015, to develop regulations governing marijuana-related entities and other aspects of the newly formed industry.

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