Marijuana Business Magazine January 2019

Marijuana Business Magazine | January 2019 20 State News Industry Developments | International & State © 2019 Marijuana Business Daily, a division of Anne Holland Ventures . All rights reserved. Data is current as of Dec. 14, 2018. Alaska An Alaska credit union has joined the growing ranks of state-chartered financial institutions hoping to serve the legal cannabis industry. Credit Union 1—a 66-year-old business based in Anchorage—is kicking off a pilot program to provide financial services to the state’s approved marijuana-related businesses—otherwise dubbed MRBs. Only legally operating MRBs will be served, the credit union noted, adding that those firms’ accounts “will be under constant, comprehensive monitoring by our compliance team to ensure all aspects of their businesses stay legal.” Arizona State Attorney General Mark Brnovich withdrew his request for the Arizona Supreme Court to declare cannabis extracts illegal for medical marijuana patients. In reversing his stance, Brnovich cited the unintended consequences for medical cannabis patients, including children, if they are denied access to marijuana extracts. The reversal could help ease the worries of MMJ companies across Arizona that stood to lose significant revenue from the sale and production of extracts if they were banned.