Pasadena Service Federal Credit Union Launches Social Equity Program for Cannabis Businesses – Pasadena Now
The Pasadena Service Federal Credit Union, in partnership with StandardC, has launched a social equity program that will help underserved cannabis businesses gain equitable access to banking and financial services.
StandardC provides business-to-business banking and financial services to marijuana businesses.
Jamaal Byers, chief compliance officer for PSFCU, said the credit union created the initiative to help cannabis businesses operate successfully while awaiting approval of the legislation they need, such as the SAFE Banking Act. 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 seeks to remove cannabis from the federal list of controlled substances and to 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 services to those who really need it,” Byers said in a press release.
Robert Baron, Chief Experience Officer of StandardC, said that by launching the new program, the PSFCU is addressing the challenges faced by cannabis businesses that do not have access to the banking system.
“StandardC is proud to support Pasadena Service FCU’s efforts and enable financial institutions to serve this underserved market,” Baron said.
Companies wishing to open 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 develop a program.
The program’s goal is to advance economic justice for people and communities impacted by cannabis prohibition by providing support to local jurisdictions as they promote equity and remove barriers to entry into the regulated cannabis industry for applicants and licensees of their equity program.
The city launched its cannabis program several years ago and, like many other jurisdictions, did not have a social equity program in place.
Despite the lack of a social equity program, the city amended its cannabis ordinance to allow up to three cannabis retailers in Council District 3.
In January, the city selected a consultant to carry out the Cannabis Social Equity Study. Botec Analysis, whose staff has conducted cannabis social equity assessments for various other jurisdictions in the state, will return to City Council with the results of an assessment by late spring.