Bulldog Federal Credit Union

Cannabis Banking Services

States Served:

• Maryland

Official cannabis banking page: NA

Media coverage: 

• American Banker: Bulldog FCU becomes first Maryland CU to offer legal pot banking

  • David Barrett, president and CEO of the $147 million-asset credit union, told Credit Union Journal there are several reasons for Bulldog to make the move, including public safety and responding to the will of the Old Line State’s residents. After a four-year legal process to set up businesses and issue licenses, medical marijuana dispensaries began operating Dec. 1. “Getting cash off the street was a major reason — we want to keep everybody safe,” he said. “Also, we believe these places are businesses. Medical marijuana was approved by a majority vote of the citizens of Maryland and they should be handled with the same respect as any other business — bookstores, liquor stores, cigarette stores. They should be able to write checks like a typical business can. They should not have to operate in all cash.”

• Baltimore Business Journal: Maryland banks in the cannabis space expect windfall from recreational sales, but fear it won’t last
  • With cannabis still federally illegal, large national institutions have avoided working with the industry and cannabis banking remains dominated by smaller, regional banks. In Maryland, only three financial institutions openly advertise their work with the cannabis industry: Shore United Bank in Easton, Bulldog Federal Credit Union in Hagerstown and CFG Bank in Baltimore. Each expects to take in many more millions of dollars following the start of recreational sales but the cannabis industry’s volatility coupled with uncertainty around the prospect of federal legalization means the boost in business could be short-lived.