Salal was honored to host U.S. Senator Patty Murray at our Tukwila branch today. Sen. Murray, who represents Washington State and is senior member of the Senate Appropriations Committee, came to Tukwila to talk about her ongoing work to pass the bipartisan Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Act would update federal cannabis banking regulations and build safer communities in Washington. Sen. Murray was joined by Washington State Treasurer Mike Pellicciotti, along with local cannabis business owners.
The licensed and regulated cannabis industry in Washington State has seen a major uptick in robberies in 2022. The main target has been cash. The cannabis industry in Washington had $1.4 billion in sales last year and generated over half-billion dollars in state tax revenue. Yet, current federal drug and banking laws prohibit most financial institutions from providing banking services to cannabis businesses and employees. Because of this, many cannabis businesses are forced to operate cash-only. With large amounts of cash on-hand that can’t be deposited in a bank, these businesses can become big targets for criminals.
Salal Credit Union is one of a handful of financial institutions in Washington State that does offer banking and lending services to the cannabis industry. Starting in 2014, we partnered with state regulators to became one of the first financial institutions in the US to offer everyday banking services to cannabis businesses and employees. We developed our cannabis banking program to address public safety concerns, get cash safely off the streets, and provide essential banking services to workers and business owners who couldn’t otherwise get regular bank accounts, business loans, or mortgages.
Learn more about Salal’s cannabis industry banking services.
