Vermont credit union not opening any new cannabis accounts
The Vermont State Employees Credit Union, known as VSECU, has announced that they will no longer take on new cannabis accounts at this time. The credit union has a history of providing banking services in Vermont to medical cannabis businesses. VSECU says that after taking on clients in Vermont’s adult-use cannabis industry the interest in opening a cannabis account has exploded. According to the Vermont Cannabis Control Board website VSECU is one of four financial institutions that provides banking services to Vermont cannabis businesses. Vermont regulations do allow businesses to proceed with licensure even if they cannot obtain an account at a financial institution. The company can provide a cash management plan along with evidence that shows that they attempted to open an account.
Officials at VSECU later clarified that the move to stop accepting accounts is a temporary measure. Robert Miller, CEO of VSECU, told WCAX that he intends to keep expanding after this brief pause. VSECU provides financial deposit accounts for 80 existing cannabis financial accounts in Vermont according to Miller.