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Seattle Credit Union Moves toward Serving Marijuana Growers

The Seattle-based nonprofit once known as Group Health Credit Union changed its name in 2010 to evoke a green, leafy, hardy plant seen as having medicinal properties.

A first for Western Washington that could ease fears that truckloads of cash will be a magnet for crime, Salal says openly that it expects to provide bank accounts for some state-licensed marijuana sellers and processors.

 The credit union plans a “beta test” with a couple of the businesses in the next few weeks, expanding soon to others in King, Snohomish and Pierce counties if all goes well, Salal CEO Russ Rosendal said.

The credit unions rely on February guidance from the federal Justice and Treasury departments saying banks will be less likely to face prosecution for financial crimes if they follow state laws and the Obama administration’s priorities, including keeping pot away from kids and criminal gangs.

Rosendal added that with Salal’s historic ties to health care, it would like to work with marijuana businesses with medical, research and testing goals. But they will have to be licensed under the recreational-pot law.

Article Link: http://www.thenewstribune.com/2014/05/07/3184715/seattle-credit-union-moves-toward.html


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