The Pasadena Service Federal Credit Union in partnership with StandardC has launched a social equity program that will help underserved cannabis businesses obtain fair access to banking and financial services.
StandardC provides business-to-business banking and financial services for marijuana businesses.
Jamaal Byers, Director of Compliance for PSFCU said the credit union created the initiative to help cannabis businesses operate successfully pending the approval of the legislation they need, such as the SAFE Banking Act and the Cannabis Administration and Opportunity Act.
The SAFE Banking Act prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business while the Cannabis Administration and Opportunity Act aims to remove cannabis from the federal list of controlled substances and empower states to implement their own cannabis laws.
“While Congress deliberates, our credit union is doing what we can to help level the playing field by providing access to banking to those who truly need it,” Byers said in a press release.
Robert Baron, Chief Experience Officer of StandardC said in launching the new program, the PSFCU is solving the challenges being faced by the cannabis businesses that do not have access to the banking system.
“StandardC is proud to support the efforts of Pasadena Service FCU and to enable financial institutions to serve this underserved market,” Baron said.
Businesses looking to apply for an account with Pasadena Service FCU can complete an application with StandardC using this link: www.standardc.io/psfcu.
The City of Pasadena recently received a $75,000 grant from the governor’s office of Business and Economic Development to conduct a cannabis social equity assessment and program development.
The purpose of the program is to advance economic justice for populations and communities harmed by cannabis prohibition by providing support to local jurisdictions as they promote equity and eliminate barriers to entry in the regulated cannabis industry for their equity program applicants and licensees.
The city began its cannabis program several years ago, and like many other jurisdictions had no social equity program in place.
Despite the lack of a social equity program the city has amended its cannabis ordinance to allow up to three cannabis retailers in council district 3.
In January, the city selected a consultant to complete the cannabis social equity study. Botec Analysis, whose staff have completed cannabis social equity assessments for various other jurisdictions throughout the state will return to the City Council with findings of an assessment by late Spring.
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