GARDNER, Mass.—GFA Federal Credit Union and its cannabis banking unit, Safe Harbor of Massachusetts and New Hampshire, said it has entered into partnerships with investment management and insurance providers to deliver turnkey financial solutions customized for cannabis in the two states.
As CUToday.info reported, in September of 2018, the $530-million GFAFCU said it was the first in the two states to serve the cannabis industry through its affiliation with Safe Harbor Services, a CUSO of Partner Colorado Credit Union in Arvada, Colo.
“Through GFA, in addition to basic banking services, our cannabis business members now have access to a full suite of investment and insurance products, which will help them manage their wealth and protect their businesses in the same, sophisticated way available to other legitimate businesses and entrepreneurs,” said CEO Tina M. Sbrega. “We are pleased to extend our financial suite of products and services to meet the unique needs of our cannabis business owners, who have been forced to do business in cash, and before now, were restricted from accessing investment and insurance options.”
El Capitan Advisors, based in Santa Barbara, Calif., is the provider of a full suite of investment management services from liquidity management tools to long-term investment options, including a 401K retirement benefit and an SEC-registered Money Market Fund.
Insurance Options
Meanwhile, a full range of insurance options, including those specific to the cannabis industry, are now available through the credit union’s partnership with Amplified Insurance in Westwood, Mass., as well as the Insurance Center of New England in Western Massachusetts.
Among the products and services available: property and casualty insurance, product liability and risk insurance, employee benefits, such as health and disability insurance. Human resources support is also available through Amplified Insurance, ranging from recruitment/training and legal compliance to compensation and safety, the credit union said.