The itinerary for the meeting of Kroger-affiliated credit unions seemed straightforward enough – a few speakers, some light refreshments and, wait…a tour of a legal marijuana dispensary?
Representatives from 12 CUs that serve employees of the Kroger grocery store chain got something a little unexpected when they visited Sooper Credit Union in Arvada, Colo. earlier this year. According to Donna Ogorek, VP of marketing and business development for $329 million Sooper CU, 70 of the 100 meeting attendees signed up for a guided tour of Euflora, a 6,000-square-foot recreational dispensary in the 16th Street Mall in downtown Denver.
[Note: unrelated to the meeting, Sooper recently announced it was pursuing a
Neither Kroger nor Sooper have any connection with the cannabis industry, but Ogorek said management at Sooper "felt strongly" that the conference attendees "should have some insight into what is happening in Colorado, the cannabis industry and the struggle to bank it."
"We toured a dispensary so individuals from other states could see the 'normalcy' of one of the many dispensaries found in the metro area," Ogorek explained, noting the group included credit union CEOs, board members and guests. "We found most attendees were intrigued, interested in learning more, and surprised to see how many states already have medical or recreational marijuana. They also learned more about the plant, types of products produced for consumption and non-consumption products."
Euflora has an account with Safe Harbor Private Banking, a DBA of Partner Colorado Credit Union [see related story].
Jamie Perino, owner of Euflora, addressed the group, as did Deirdra O'Gorman, CEO of Denver-based Fourth Corner Credit Union (4CCU), which was chartered to serve the legal marijuana industry. O'Gorman discussed 4CCU, the marijuana industry and the steps being taken to support the industry in the banking space.
"Dierdra's presentation was just prior to the tour," Ogorek reported. "She talked about the history of legalization, compliance and taxation in Colorado. Most folks, once they were armed with a little more information about what is happening in Colorado and what is happening in the cannabis space, were excited. They were interested in experiencing a dispensary – many of them for the first time. It is an attractive space. The Euflora staff took us on 30-minute tours."
What was the reaction? Ogorek said people were "very pleasantly surprised" compared to what they were expecting.
"I received a lot of positive feedback," she said. "We gave them experience in what may affect them in the not-so-distant future. Sooper acted as a conduit, not taking a stance about the industry. We recognize it is out there and believe financial institutions need to be cognizant about how it is shaping our world. People were given an opportunity to educate themselves about an industry that is becoming national. In fact, the state of Ohio just approved medical marijuana. Credit unions and banks across the nation are asking, 'How do we serve this underserved segment?' Every transaction including payment of any bills or taxes has to be done purely in cash."
Fourth Corner CU's O'Gorman told Credit Union Journal she viewed her role as part of supplying continuing education regarding a growing industry.
"I really appreciate what Sooper CU did. When it is coming to your state, it is better to be educated," she said. "They showed all those people what a functioning, regulated industry looks like. I talked about what is happening with credit unions and what is to come, what states are getting ready to legalize and what that means."
