Encentus backing out of cannabis banking in Oklahoma

One of the few banking options for Oklahoma medical marijuana businesses says financial challenges have forced it to back out of the industry less than a year after taking on its first cannabis-connected clients.

Tulsa-based Encentus Federal Credit Union last month sent a letter to its clients that “we are not equipped to service the business accounts of our Medical Marijuana businesses.”

Encentus board chair Jana Hallman told the Tulsa World on Friday that nine business accounts will be closed by Oct. 31 due to the change.

“Upon significant review and research, we have come to realize that we do not have the staff nor the software sufficient to maintain the business activity,” Hallman wrote in the Aug. 26 letter.

Read more: https://www.tulsaworld.com/news/local/marijuana/encentus-backing-out-of-cannabis-banking-in-oklahoma/article_e6aaf690-b7dd-5c59-84e2-b122fe2c3ce7.html