The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal.
On Monday, New Mexico Attorney General Hector Balderas announced that New Mexico-based U.S. Eagle Federal Credit Union is the first financial institution in the country to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operation.
The certification is part of a financial services certification program run by the Policy Center for Public Health & Safety in collaboration with state attorneys general as well as a broader certification effort being implemented by ASTM international and PH&S.
Endorsed by Safe Harbor Financial, a subsidiary of Partner Colorado Credit Union,the certification brings banking and financial transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis.
“The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal,” Majors added.
State and federal agencies accept the overall certification model as the standard of compliance and in implementing general risk mitigating strategies.

