PODCAST: James Collins on cannabis banking

The risks, rewards, and pain points of serving marijuana-related businesses.

O Bee CU CEO James Collins (left) discusses cannabis banking.

When Washington state legalized the use of marijuana in 2014, O Bee Credit Union in Tumwater, Wash., initially decided not to serve marijuana-related businesses.

But when members started asking for cannabis banking services, O Bee changed course and introduced deposit accounts, debit cards, and some other services for these  organizations. The credit union’s rationale: We serve the member, not the business.

Today, O Bee serves  more than 200 cannabis-related businesses, and continues to expand its efforts.

“The one thing we will not do for them at this point is lending,” says O Bee President/CEO James Collins. “We look forward to doing that in the future when it’s less murky on the legislative side.”


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