VANCOUVER, B.C.--Community Savings Credit Union here has launched pre-approved business credit cards for its cannabis membership.
According to the credit union, the “industry-first offer finally gives cannabis businesses in B.C. guaranteed access to credit cards, a long overdue change in the financial services available for the industry.”
Cannabis was legalized in the province five years ago.
Community Savings CU said that until now obtaining a business credit card for cannabis businesses has been a “highly discriminatory process,” saying many cannabis businesses are rejected by credit card providers solely because of their legal business in cannabis.
The CU said it is offering three business credit cards, including:
- The No Fee Cash Back Visa, which allows cardholders to earn cash back for the purchases the business regularly makes.
- The Visa Low Rate Business Card, which features a low annual fee and low interest rate
- The Visa Infinite Business Card, which “offers valuable rewards and first class privileges with a competitive annual fee and a limited time 5,000 welcome bonus points offer.”
Needs Ignored
“Cannabis businesses have been forced to operate without a fully functioning banking system for too long,” CEO Mike Schilling said. “The industry was legalized five years ago, but big banks have ignored this sector’s needs and credit unions like Community Savings have stepped in. Credit cards are an essential financial product for businesses. Community Savings is proud to now pre-approve every one of our cannabis members to ensure access to this basic payment product. Every day, we work with our members to help grow the cannabis industry, starting with access to the right financial services.”
Factoring Program Announced
The credit union has also launched We Can Capital Inc., which it described as an “industry-first innovative invoice factoring program crafted for British Columbia’s licensed cannabis producers (LPs).”
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