Cannabis Business Banking

Greater Nevada Credit Union provides affordable, secure, and compliant cannabis business banking solutions tailored to the unique needs of licensed operators, ancillary businesses, and others involved in the cannabis industry throughout Nevada.

Cannabis-Related Businesses We Serve

Licensed Cannabis Operators

Non-Licensed and Ancillary Businesses

Seedling Consumption Lounge Licensees

CBD/Hemp Operators

Our Cannabis Banking Expertise

GNCU has a long and successful history of providing services to industries and individuals lacking adequate access to quality financial services. Our innovative cannabis banking solution was developed with industry-leading partners to streamline systems, technology, and protocols to strictly adhere to the laws, regulations, and compliance required by Nevada regulators.

Additionally, we’ve developed a custom and compliant cannabis banking program offering a comprehensive suite of services, from attractive deposit account options to on-site cash management. We also utilize a compliant third-party solution for the safe transfer and processing of cash.

Ready to learn more about how we can support your cannabis business banking needs?

Cannabis Business Bank Accounts

We proudly offer tailored solutions for both licensed and non-licensed cannabis-related businesses to meet their unique financial needs as they grow. Our accounts come with competitive pricing, the latest in banking technologies, and fully comply with Nevada’s cannabis industry regulations.

Business Checking Accounts

Best For

Handling your day-to-day business transactions

GNCU Visa Business Debit Card Included

Yes + fee-free transactions at over 30,000 ATMs across the U.S. + cards are mobile wallet friendly

Free Digital Banking Included

Yes

Business Savings Account

Best For

Safely managing your cash reserves

GNCU Visa Business Debit Card Included

Free Digital Banking Included

Yes

Cannabis Business Banking Services

On top of our business accounts, we also have competitively priced supporting services to help make your business banking experience as seamless as possible.

Business Digital Banking – Fast, convenient, and secure, our user-friendly portal allows you to manage real-time account information with ease. No additional fees.
ACH and Wire Transfers – Both essential features for your business to move funds efficiently while staying compliant with all regulations. Additional fees apply.
Positive Pay – An advanced security solution that protects your business from check and ACH fraud so that you can safeguard your funds from any unwarranted activity before it hits your accounts. Additional fees apply.

Cash Logistics Provider Partnership – We partner with a trusted cash logistics provider to ensure the secure transportation and management of large cash deposits. Additional fees apply.
Smartsafe Solutions – We offer Smartsafe options for operators, enabling earlier credit for cash deposits. This enhances both cash flow efficiency and security, ensuring you have quicker access to your funds. Additional fees apply.

Merchant Services – Enables your business to accept debit cards and all major credit cards at a very cost-effective rate. Additional fees and limitations apply.
Remote Deposit – Easily scan and deposit your business checks from the convenience of your desk or home office. Additional fees apply.
Benefits for Your Employees – Enhance your employee benefits by offering GNCU membership exclusively through our Commercial Services. Additional fees may apply.

To see how GNCU can help support your business to grow and prosper, start a conversation with our cannabis banking experts today.

How can GNCU service cannabis businesses while banks cannot?

According to the National Credit Union Administration (NCUA), credit unions may provide the customary range of financial services for business accounts to lawfully operate cannabis-related businesses within their fields of membership. In 2019, the NCUA encouraged credit unions to thoughtfully consider whether they can safely and properly serve these types of businesses.

Is the deposit account NCUA-insured?

Yes, CRB accounts are insured the same as a non-CRB business account, up to $250,000 per account owner, per institution, per ownership type.

How do CRBs deposit cash?

GNCU partners with a leading provider of cannabis banking solutions and consulting services for credit unions and banks. Together we have developed a custom and compliant cannabis banking program. The full-service provider includes a comprehensive suite of solutions from on-site cash management to attractive deposit account options.  Our business partners are specially trained to discreetly pick up your cash and safely transport it to a secure storage facility.

What’s the difference between merchant services and banking solutions?

Merchant services refer to the ability of a business to accept debit and credit cards at the point of sale through a terminal. Just like how you buy your groceries or gas or any other non-cannabis card purchase. Unfortunately, due to cannabis still being classified as Schedule I, card providers like Mastercard and Visa will not allow traditional merchant services for cannabis operators. So, a consumer cannot go into a dispensary with their AmEx or Visa credit card and make the purchase. They must make the purchase using cash.

The banking solutions GNCU offers allow the operator to have a fully compliant, NCUA insured account in which they can conduct their normal business operations like writing checks to pay vendors, sending wires to pay investors, sending ACH payments to pay utilities, etc. If the operator has contracted with a CRB compliant ATM processor, they can accept their ATM settlements into their account as well.

What documents are required for me to complete an application?

Required documentation includes business formation documents (Articles of LLC/Incorporation/Partnership, IRS EIN Letter, Fictitious Firm Name filing), Income Statement, Balance Sheet, List of Products, List of Vendors/Suppliers, Copy of Marijuana License(s), Organizational Chart, Policy and Procedures Manual, Property Title/Lease, Tax Returns, ATM Agreement (if applicable), Merchant Processing Agreement (if applicable), and Certificate of Insurance.

How long does it take to get an account set up?

Once the applicant has provided all documentation requested through the Green Check Verified portal, the application will be reviewed and approved/declined within two business days. If approved, the account will be opened within the next business day.

Is there an initial deposit requirement?

To open a membership, there is a $10 requirement for the share savings account ($5 membership fee and $5 for the initial deposit) and only $1 for checking.

What’s the difference between direct and indirect Cannabis accounts? Does GNCU service both?

A direct account is for our CRBs that are license holders and touch the plant (dispensaries, cultivations, production, labs, transport, etc.).

An indirect account is for our CRBs who are not licensed and do not touch the plant but are engaged in cannabis-related business. A few examples of indirect CRBs could be an attorney or accountant with over 50% of the book being cannabis clients, a cannabis magazine who accepts payments from CRBs for advertising, a brand consultant, a packaging company, software and tech for cannabis platforms, etc.

What are the account fees and what do they cover?

While indirect accounts are subject to a $75 monthly fee only, direct accounts have three account tier options with a wide variety of accessibility to support operators at every level. Additional charges apply for cash logistics services through our partner.

How can I be assured my account won’t get shut down?

GNCU follows a complex set of guidelines and regulations stipulated by Federal agencies to ensure your account and our program are fully compliant. We are also regularly audited by external government agencies.

Can CRBs banking with GNCU process debit cards? What about credit cards?

Operators can (through one of the approved providers of PIN based debit) accept some debit card transactions through a virtual ATM.

Unfortunately, due to cannabis still being classified as Schedule I, card providers like Mastercard and Visa will not allow traditional merchant services for cannabis operators. So, a consumer cannot go into a dispensary with their AmEx or Visa credit card and make the purchase. Without an approved PIN based debit provider they must make the purchase using cash.

Ready to Learn More?

Our cannabis banking experts today to discover how GNCU can support your cannabis-related business.