Carson City, NV (December 10, 2024) |
Greater Nevada Credit Union marks the fourth anniversary of its Cannabis Banking Program, which provides essential banking services to cannabis-related businesses (CRBs) in Nevada. Since 2020, GNCU has been a trusted financial partner for Nevada-based dispensaries, cultivators and cannabis-support businesses, helping them navigate the unique financial challenges of the burgeoning industry.
In conjunction with this milestone, GNCU announces an enhanced, tiered pricing model for its Cannabis Banking Program. This development introduces exclusive business banking solutions such as flexible account options, simplified fees and secure on-site cash management designed specifically for CRBs, further supporting their growth, operational efficiency and financial safety.
“When Nevadans voted to legalize cannabis in 2016, they moved toward legitimizing an industry that now brings millions of dollars in tax revenue and thousands of jobs to the state,” said Danny DeLaRosa, president and CEO, GNCU. “These emerging businesses lacked access to financial services that delivered a safe, secure and consistent banking experience. They found a partner in Greater Nevada Credit Union, and we’re proud to continue enhancing our offerings for this business community that is vital to our state’s economy.”
New Competitive Pricing Model and Program Offerings
As part of GNCU’s continued commitment to helping cannabis businesses thrive, it has introduced a new, industry-competitive pricing model. The modified pricing structure offers lower costs while maintaining a full range of financial services—including deposit accounts, cash management resources and electronic payment solutions—allowing cannabis businesses of all sizes to access compliant banking options without prohibitive fees. Additional enhancements to the program include flexible account options, improved digital services and more. Full details on GNCU’s offerings for CRBs are available at GNCU.org/cannabis-business-
Four Years of Committed Partnership
Since launching its Cannabis Banking Program four years ago, GNCU has consistently provided cannabis businesses with reliable, compliant banking solutions in a sector often underserved by traditional financial institutions. The program allows CRBs to operate more efficiently, safely and confidently, knowing their banking needs are handled by a credit union that understands the industry.
“We have successfully updated our products and services to ensure Nevada’s cannabis businesses have access to banking solutions much like traditional businesses,” says Kristin Stowe, commercial services manager, GNCU. “By streamlining our processes, we’ve enhanced the member experience and improved the efficiency of our service offerings, all while maintaining an unwavering focus on compliance. These updates allow us to provide robust banking services aligned with industry standards outside the cannabis industry, effectively balancing regulatory requirements with exceptional service.”
As Nevada’s cannabis industry continues to expand, GNCU remains dedicated to supporting the growth of its business members by providing accessible, affordable and compliant banking options open to CRBs operating under a Nevada business license. GNCU’s Cannabis Banking Program continues to ensure its members have the tools they need to succeed and safely operate in these cash-intensive environments, which can create safety hazards for employees. Since the program’s inception, GNCU’s cannabis business partners have reported zero cash-handling safety incidents.
“Nine years ago, I didn’t tell anyone what I did,” says Aaron Swan, COO at Silver State Relief, which was the first dispensary to open in Nevada. “I played it down a lot for my safety. But I feel like I am operating a legitimate business now, and having a banking partner like Greater Nevada has been great for our business – it dramatically changed how we operate.”
For more information on GNCU’s Cannabis Banking Program, including the new pricing model and updated cannabis banking solutions, visit GNCU.org or contact the cannabis banking team at CRB@gncu.net.