MBank, an Oregon bank based outside of Portland, has publicly announced that it will be serving businesses in the legal cannabis industries of Colorado and Washington, the Denver Post reports.
There has recently been an uptick in the number of Washington-based credit unions that accept marijuana money, meaning MBank is not the first bank to openly admit to serving marijuana businesses, but it is the first to offer its services across state lines and specifically to ganjapreneurs in Colorado.
“We looked to regulators, both state and federal, to help us come to the conclusion that we can do banking in this sector,” said MBank President and CEO Jef Baker. Already, five marijuana businesses have landed accounts with the bank, and about 30 more applications are pending, Baker said.
MBank was founded in 1995 and its current assets are valued at approximately $165 million.
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Photo Credit: Miran Rijavec