ARVADA, Colo.—Sundie Seefried, whose credit union has become a leader in providing financial services to the cannabis industry, has written a book on the subject.
Seefried, president and CEO of Partner Colorado CU and its division, Safe Harbor Private Banking, has published “Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty.”
“I wrote the book because I was concerned about the risks a cash-based industry poses to our communities,” said Seefried. “The book is a primer for credit unions and bankers considering a cannabis banking program,” she continued, “and for policy makers and regulators interested in bringing stability to this changing marketplace.”
The book covers the banking challenges cannabis businesses faced after Colorado voters approved the sale and use of medicinal and recreational cannabis. Federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. These businesses are unable to wire funds, access lines of credit, or maintain payroll accounts. The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash, noted Seefried.
Safe Harbor Private Banking, a unit of Partner Colorado CU, addressed the problem by offering banking services for the law-abiding cannabis industry. “Serving the underserved is what credit unions do and that’s why we took the risk and created this private banking division,” said Seefried.
Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty can be purchased and downloaded at safeharborprivatebanking.com and is available at Amazon.com in both ebook and print versions.