One for All Alaska Blog

Credit Union 1 Announces Pilot Program to Provide Financial Services to Marijuana Related Businesses

Posted by Credit Union 1 on Nov 29, 2018 9:57:47 AM

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Credit Union 1 has a long history of providing services to the underserved, from helping individuals with lower credit scores get loans and other vital financial services; to being the first financial institution in over 23 years to open a branch in the Mountain View community of Anchorage. Now, we will again provide financial services to those who have nowhere else to go. Credit Union 1 has announced that it will initiate a pilot program to provide financial services to Marijuana Related Businesses (MRB).

Anchorage, AK – November 29, 2018 – James Wileman, President/CEO of Credit Union 1, announced at a Press Conference earlier this morning the credit union will be initiating a pilot program to provide financial services to Marijuana Related Businesses (MRB).

Alaskans voted to legalize marijuana in 2014 and the first licenses were granted in 2016. Since that time, the marijuana industry has grown exponentially in the state. Sales are on-track to total $200 million at the retail level this year. The lack of financial services for MRBs, however, has flooded our streets with cash resulting in a community safety issue. Credit Union 1 seeks to solve this issue by providing financial services to MRBs.

Credit Union 1 does not take a political or moral position on the legalization of marijuana by providing services to these businesses. When it comes to the financial needs of all their Member Owners, Credit Union 1 seeks to meet the needs of everyone where they are at without judgment or prejudice. Credit Union 1 has a history of providing services to the under-served, from helping individuals with lower credit scores get loans and other vital financial services; to being the first financial institution in over 23 years to open a branch in Mountain View in 2010.

Our history, along with being a state-chartered credit union that only serves Alaskans, puts Credit Union 1 in the best position to provide services to the MRB industry. To further support our communities, in 2019, the credit union will donate a minimum of 1% of the profits received from this program to the #CU1LUV Community Fund which helps non-profits and Alaskans in need. In 2018, our Members and employees have given over $207,000, volunteered over 5,100 hours and have been recognized throughout the years for our efforts to support community minded organizations and initiatives from soup kitchens to youth engagement organizations.

Representatives from the Alcohol and Marijuana Control Board, the State of Alaska Tax Division and the MRB industry made statements during the press conference in support of this program and the benefits it will provide to our communities.

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Topics: Alaska, Community