RENO, Nev.–After testing an offering of traditional banking services to a rapidly growing, cash-based industry, Greater Nevada Credit Union said it is now offering a full suite of services to cannabis-related businesses.
The $1.72-billion GNCU said it made the decision to offer the services in an attempt to “cater to the underserved industry, remove cash as a barrier for CRBs and is doing so in-line with legal and regulatory guidelines.”
“While many banks are unable to support CRBs under federal law, the NCUA has said credit unions may provide the customary range of financial services for business accounts to lawfully operating CRBs within their field of membership,” Greater Nevada stated.
According to the credit union, there are 756 cannabis-related businesses in the state, including transportation, construction, laboratories, dispensaries and agriculture services.
‘Serious Safety Concerns’
"Due to the current federal legal climate, Nevada's cannabis-related businesses were effectively cut off from full access to the banking system. That situation created a variety of serious safety and security issues for those business owners, their employees, customers, and others with whom they conduct their business,” said President and CEO Wally Murray. "Consistent with our passion for helping more people ‘Live Greater,’ we were determined to find a solution to those issues. We developed a safe, secure, stable, and compliant system by finding the right mix of experienced partners. The solution effectively meets the needs of business owners by providing them with easy and consistent access to their funds."
The credit union reported it launched a small pilot program for cannabis banking in 2020. Since that successful launch, the program has expanded to include dozens of cannabis-related businesses receiving commercial banking services through the GNCU, it added.
"We were initially cautious in rolling out our solution so that we didn't overpromise and underdeliver,” Murray said. “However, it has now been fully in place for a couple of years and is being received quite well by our cannabis-related business members."
In announcing its new offering, Greater Nevada said “compliance in the cannabis industry is paramount” and that it would be adhering to all rules and regulations.
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