Canada’s Cannabis Credit Union – Cannabis | weed | marijuana

When you have a cannabis credit union in your corner, nothing seems impossible. Despite the legalization of cannabis in Canada, banking for cannabis producers and operators is still a struggle.

Here, the Community Savings Credit Union has strengthened. With seven offices in British Columbia, they have won two Canadian Marketing Association awards for cannabis advocacy.

Notably, they won awards for their “Roll with us” and “Does your bank delivery” marketing campaigns, which compared their service choices to the choice of toppings for your pizza.

A victory for the Community Savings Credit Union is a victory for cannabis in Canada. With traditional banks charging 5000% higher fees for cannabis-related deals, this is where having a cannabis credit union near you helps.

Why the banks don’t like cannabis

Community Savings President and CEO Mike Schilling said:

“There’s a serious side to our campaigns that have fun with cannabis culture. We encounter too many companies in the industry being exploited and paying up to 5000% more than they should for a basic account. We treat cannabis dealers like any other small business, with first class service and first class products.

“This campaign isn’t just about the cannabis industry – it’s about equal access to fair and affordable banking services. Community Savings will continue to advocate for what is right and what is fair, and supporting the cannabis industry is just the beginning.”

But why don’t the big banks like cannabis? Don’t like money? When you see a cannabis credit union, don’t say, “Hey, we want some of this!”

According to Mike, the reason for this is stigma. For many of the suits on Bay Street, cannabis is still the domain of biker gangs.

Banks see higher risk in cannabis and often compare it to alcohol. But breweries and distilleries don’t face the same stigma as cannabis. A fairer comparison would be how banks treat casinos.

And if you do manage to open a cannabis-related bank account, expect to pay more than $500 a month in fees, compared to $50 a month (the average cost of a corporate account).

Until the banks come to their senses, Canada’s cannabis industry will have to rely on credit unions.

Canada’s Cannabis Credit Union

Canada's Cannabis Credit Union

Banking is fundamental to business. Overall, while credit unions like Community Savings Credit Union are on the rise, there’s a limit to what a credit union can do for your business.

However, the awards won by the Community Savings Credit Union show that there is money to be made in helping cannabis producers and distributors.

Big banks would do well to treat the legal cannabis industry like any other legal sector. Or maybe, especially after the bank accounts freeze of people peacefully protesting in Ottawa, the rest of us should instead exit traditional banking and patronize credit unions.

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