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

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

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

At the meeting the state's licensing department announced that it, not the board, had final say on the issue, and has sole authority to promulgate rules and emergency rules to implement, administer and enforce a new state law.

But dispensaries have been allowed to operate unofficially, under the radar and with unclear guidelines about what is or isn't permissible under the state's medical marijuana law.

The department says giving dispensaries, which are operating under a legal cloud, three months to close allows them time to wind down.

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With one week before a deadline for entities to apply for licenses to cultivate and dispense medical marijuana, officials still haven't received as many appliations as expected.

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

Brisbo said the bureau will give the board its recommendation on how to proceed with dispensary shops.

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Starting on that date, the Medical Marihuana Licensing Board will begin accepting permit applications to operate legally eight years after MI voters legalized marijuana for medical use in a 2008 referendum.

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 the meantime, some board members have signaled that existing dispensaries should have to close in order to qualify.

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