Not a single gram of legal marijuana has yet been sold in Alaska, but some bank accounts tied to people in the emerging cannabis industry are already being shut down.
Citing strict federal laws around cannabis, Alaska USA Federal Credit Union has stopped doing business with an undisclosed number of people linked to marijuana businesses; Credit Union 1 has also closed down at least one account, company officials confirmed.
Cole Hollister, co-owner of Fairbanks-based cultivation facility Pakalolo Supply Co. Inc., got a letter in July notifying him his personal account with Alaska USA was being shut down.
“It recently came to our attention that you are an affiliate of the marijuana cultivation facility, Pakalolo,” the letter says, referencing the company’s state marijuana license number.
As the first company licensed by the state, Hollister just began growing commercial cannabis in late July. He called the move preemptive and unwarranted.
“Nothing’s happened yet,” he said. “There’s no business, there’s no income, there’s no illegal activity going on.”
The letter gives a one-month deadline for Hollister to close the account.