Sundie Seefried, CEO of Partner Colorado Credit Union in Denver, views marijuana banking as a great fit with credit union principles—and an endless exercise in risk mitigation.
She told the audience stories of unbanked marijuana proprietors depositing thousands of dollars in cash into ATMs at 2 a.m.
“Safety was our No. 1 reason for getting into this,” Seefried says. “Last month, we processed nearly $100 million off the streets. Imagine what that kind of money looks like on the streets. It’s in the house next to you in elaborate safes. It’s in the cars next to you because it has be to transported to pay bills. It’s in the businesses next to you, again with elaborate safes. It’s in your neighborhood just like it’s in my neighborhood.”