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Greater Nevada Credit Union’s Cannabis Banking Program Named ‘a Game-Changer for Dispensaries’ by Northern Nevada Business Weekly
Greater Nevada Credit Union Pioneers Cannabis Banking, Transforming Local Dispensaries
Nevada’s cannabis industry has undergone significant changes since medical marijuana became legal in the state, but not at the federal level, in 2015. Aron Swan, COO of Silver State Relief, recalls how the dispensary initially operated entirely in cash, making bill payments and tax filings incredibly difficult.
Since GNCU launched its cannabis banking program in 2020, businesses like his can now deposit cash securely, use digital payments, and access treasury services previously unavailable to the industry due to traditional banking’s federal regulations. Kristin Stowe, Commercial Services Manager at GNCU, highlights how the program evolved, allowing Nevada’s cannabis businesses to operate like traditional retailers.
The cannabis banking program’s impact is immense, allowing businesses to improve efficiencies and increase employee safety while cutting operational costs. For Swan, the transition means no longer carrying large sums of cash around town on his back—drastically improving business legitimacy and easing standard operations.
GNCU, which has garnered a large market share in Northern Nevada, plans to expand the program further and will continue supporting cannabis-related businesses (CRBs) throughout the state as the industry grows.
Read the article from NNBW: Greater Nevada Credit Union’s cannabis banking program a game-changer for dispensaries
