Numerica Credit Union

Cannabis Banking Services

“As one of the first credit unions in the state to bank licensed cannabis businesses, Numerica has been a pioneer in providing deposit services to help provide for a safer community. We are committed to building safe, strong communities and responded to a growing need from legitimate, licensed cannabis businesses to deposit funds at a safe and secure financial institution. Our team of Canna Account experts works with state and local policy makers to ensure we stay on the forefront of this constantly evolving industry.”

States Served:

• Idaho; Washington

Official cannabis banking page: https://pre.numericacu.com/business/services/#cannabis-accounts

Media coverage: 

• Spokane Journal of Business: Banking services for cannabis retailers remain limited

  • Investment products remain a challenge for some cannabis retailers to access, says Carol Ehrhart, co-owner of Spokane-based Four Twenty Friendly LLC, which does business as 4:20 Friendly. Ehrhart says 4:20 Friendly now works with Numerica Credit Union for cannabis business banking, and the number of products and services she can access has increased significantly since the store first opened as a cash-only dispensary in December 2014, however a few financial products remain inaccessible. “I can probably access (about) 90% of what they have to offer,” Ehrhart says, referring to Numerica Credit Union’s cannabis banking products and services. “I couldn’t buy a mutual fund. I can’t buy stock on the stock market. There’s certain things that federally would be considered money laundering that we still can’t do. We can’t accept credit cards.”

• King5: Cashless cannabis: Here are some ways to help deter pot shop robberies

  • For instance, Numerica Credit Union has cannabis accounts available and can help businesses in the industry set up online banking, savings and checking accounts and even certificates of deposit, according to its website. Institutions like Numerica can provide these businesses with the banking services they need while large banks and credit card companies remain unable to work with the cannabis industry due to federal regulations.