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Hawaii’s Medical Marijuana Market Finds Banking Solution in Colorado Credit Union

Patients at one of Hawaii’s two operational dispensaries will be able to buy bud using an app on their phones instead of the typically required cash.

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Hawaii may only have two medical marijuana dispensaries, but the Aloha State is already ahead of the game when it comes to cannabis banking. Thanks to a partnership with a Colorado-based credit union and a mobile banking app, businesses and patients in the 50th state will be able to circumvent the industry’s long-standing, federally forced cash-only business model.

According to Pacific Business News, Safe Harbor Private Banking, a division of Partner Colorado Credit Union, will offer their financial services to all eight of the Islands’ eventual medical marijuana dispensaries. In addition to the business banking, CanPay, a debit-based payment company will allow patients to buy their medicine with a cell phone app.

Because of marijuana’s Schedule I statues, federally-insured banking institutions have long been weary of dealing with cannabis businesses, even with state-issued licenses and permits.

So far only two of the allowed eight pot shops are operational, with Honolulu’s Aloha Green already offering cash-free cannabis purchases.

Hawaii’s Governor David Ige will hold a press conference at the State Capitol later today alongside the state’s Financial Institutions Commissioner and the Department of Commerce and Consumer Affairs to officially announce the cannabis banking partnership.