Oregon’s recreational cannabis system has had an enormous impact on the local economy. While lawmakers valiantly attempt to shield their booming market from federal law enforcement, there are some things that just can’t be protected against so long as marijuana remains classified as a Schedule 1 drug.

One of those disadvantages is trouble securing loans from financial institutions. Since cannabis remains illegal under federal law, marijuana-related businesses have been shunned from most federally-regulated banks and credit unions.

Oregon Marijuana Workers Face Hurdles While Applying for Personal Loans

Oregon’s recreational cannabis system has had an enormous impact on the local economy. While lawmakers valiantly attempt to shield their booming market from federal law enforcement, there are some things that just can’t be protected against so long as marijuana remains classified as a Schedule 1 drug.

One of those disadvantages is trouble securing loans from financial institutions. Since cannabis remains illegal under federal law, marijuana-related businesses have been shunned from most federally-regulated banks and credit unions. But these obstacles have also carried over to affect a number of canna-business employees, who are finding it equally difficult to obtain financial assistance for things like mortgages and car payments.  

Despite having a widely approved recreational cannabis system in place, banks and credit unions in Oregon are allowed to deny loan applications for pretty much any reason, as long as discrimination against race, gender or national origin doesn’t play a role in the decision. A recent story published by Oregon Public Broadcasting shared the story of Melissa Johnson, who works as a customer service representative at the retail cannabis shop…

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