Despite the federal legal gray area, Frankenmuth Credit Union has launched Envy, a pilot program dedicated to servicing cannabis businesses in the community.
Voted by Forbes as the best credit union in the state of Michigan in 2020, the Frankenmuth-based not-for-profit cooperative services 60,000 people and, through the new program, will add “just one or two new cannabis-related business members each month” for the remainder of 2021. Those businesses that are interested in being considered for the program will be added to the waitlist.
“It was important for Frankenmuth Credit Union to provide banking services to cannabis-related businesses, but it was also important that we did so in the right way,” CEO Vicki Schmitzer shared in a press release. “This meant conducting extensive research into what the industry needed and developing a compliant program around those needs.”
For Envy, Frankenmuth Credit Union partnered with Green Check Verified, a financial tech company that focuses on “enabling financial institutions to safely and efficiently offer services to legal cannabis businesses.” Per a press release, Green Check Verify supports cannabis banking programs throughout 32 states and offers specialty software to financial institutions and their cannabis industry folks, including growers and retailers.
In April, Gov. Gretchen Whitmer lent her support — and urged fellow governors and legislators to do the same — to the Secure and Fair Enforcement (SAFE) Banking Act, which would allow financial institutions to bank with cannabis businesses that are state-licensed and that have, up until now, had very limited legal banking options.
Those interested in Frankenmuth Credit Union’s Envy program or wish to be added to the waitlist are encouraged to email envy@frankenmuthcu.org.