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.