Although the marijuana industry continues to bud at a rapid pace, there is one thing that prevents most marijuana companies to progress as fast as they would like. A reliable banking service. Unfortunately, since marijuana remains illegal at the federal level and is classified as a Schedule 1 narcotic, most financial institutions are weary to get into business with marijuana companies. But, in Maryland, a credit union is offering banking services for marijuana businesses.
The Bulldog Federal Credit Union has begun to offer banking services to meet the needs of Maryland’s up and coming medical marijuana industry. The services began just this year, and according to BFCU President David Barrett, the efforts serve the MMJ community’s most vital need.
“It’s a perfect fit,” said Barrett in a press release. “As a financial institution, we recognize the need for medical cannabis entrepreneurs to be able to conduct a business in a forthright, transparent and compliant manner that is both safe and part of the state regulatory environment.”
Despite the federal government’s ancient option of marijuana legalization, including the latest behaviors of Attorney General Jeff Sessions, the BFCU has succeeded in creating a not only a safe and reliable but legal way for marijuana businesses to store their funds. Barrett also is confident that his system will take away from the black market and in time create a safer community.
“By offering our services to the cannabis industry, we will help remove large sums of cash from our streets, making the environment safer for our communities, friends and most importantly, our families,” said Barrett. “By providing safe, compliant, economical financial solutions to the entrepreneurs in Maryland’s medical cannabis industry, we hope to help them to realize growth and prosperity legitimately, and that will benefit not only our members but our community at large and our local economy.”
Bradly Talbert, co-founder of the Cannabis Innovation Alliance for Opportunity, praised Barrett’s efforts and credits Bulldog’s new program for solving a large problem faced by Maryland’s growing marijuana industry.
“Through research and consulting experts, we realized that a mature, steadfast credit union like Bulldog would be good for Maryland’s emerging cannabis industry,” Talbert concluded.
Barrett stated that his company’s format is completely original, and it took a lo of hard work and dedication to get the plan in motion. “We had a lot of blood sweat and tears going into it,” Barrett said.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
