A Pioneer of Cannabis Financial Services: O Bee Celebrates 10 Years of Paving the Way for a More Secure and Stable Industry

Posted by Alyse Knudsen on November 25, 2024

In November, Wash.-based O Bee Credit Union announced its 10th anniversary of banking the Washington cannabis industry. Since launching one of Washington’s first fully compliant cannabis banking programs in 2014, O Bee has been a leader in transforming the industry’s financial landscape, ensuring cannabis businesses and workers have access to safe, reliable banking.

O Bee has filled the important role of banking cannabis producers, processors, and retailers – transforming the once chaotic landscape of cannabis banking into a safe and secure environment. Their pioneering service offers financial solutions to both cannabis businesses and their employees.

O Bee’s Chief Operating Officer, Jennifer Roberts, has been a driving force in establishing the cannabis banking program, an initiative that has since gained national recognition. Her forward-thinking approach has earned her a spotlight in Marijuana Venture Magazine as a “Woman to Watch” for her innovation. “When other financial institutions hesitated, we stepped up, seeing an opportunity to bring stability and safety to the industry,” Roberts said. “We’ve spent 10 years proving this is possible.”

Kurt Naumer, President of Harmony Farms

Kurt Naumer, President of Harmony Farms, is one of hundreds of cannabis business owners enjoying equal access to banking services through O Bee. “The fact that O Bee is offering loans to cannabis companies is huge,” Kurt emphasized. “They’re helping level the playing field by treating us like any other business.”

In the early days of legalization, cannabis business owners in Washington faced numerous challenges, with limited access to traditional banking due to federal restrictions. These businesses, forced into cash-only operations, encountered high security risks and operational inefficiencies. O Bee’s services have empowered the cannabis industry by reducing cash dependency and increasing safety and financial stability. Today, O Bee continues to offer a full suite of banking services to cannabis businesses and their employees, from checking accounts to lending and investment solutions.

As O Bee Credit Union marks this milestone, it looks forward to continuing its mission of supporting Washington’s cannabis community and fostering growth in a sector that has become an integral part of the state’s economy. “We are proud of our history and the strides we’ve made alongside the cannabis industry. As we look to the future, we are more committed than ever to standing by our cannabis partners and employees,” said Roberts.

For more information on O Bee’s cannabis banking services, please visit www.obee.com/buds.

Posted in Regional Member News, Top Headlines, Washington.