When you get a file hemp A Credit Union On Your Corner Nothing seems impossible. Canadian hemp though legislationThe banking business of cannabis producers and operators continues to face difficulties.
Specifically, they won awards for their “Roll with us” and “Does your bank deliver” marketing campaigns, which compared their service selection to choosing toppings for pizza.
Community savings credit union win is cannabis win in canada. With traditional banks charging 5000% higher fees for cannabis-related businesses, this is where having a cannabis credit union in your corner helps.
Why banks don’t like cannabis
Community Savings President and CEO Mike Schilling said:
“There is a serious side to our campaigns that he enjoys cannabis culture. We meet many companies in the industry who are taken advantage of and pay up to 5000% more than they should for a simple account. We dealt Cannabis retailers Like any other small business, with best-in-class services and products.
This campaign is not just about cannabis industry It is about equal access to fair and affordable banking services. Community Savings will continue to advocate for, and support what is right and what is just cannabis industry It’s just the beginning.”
But why don’t the big banks like cannabis? Don’t they love money? If they see a cannabis credit union, don’t they say to themselves, “Hey, we want some of that!”
According to Mike, the reason they don’t do so is because of stigma. For many Bay Street suits, cannabis is still the domain of biker gangs.
Banks considers cannabis to be a greater risk, and it is often compared to alcohol. But breweries and distilleries don’t face the same kind of cannabis stigma. A fairer comparison might be how banks treat casinos.
And if you can get a cannabis-related bank account, expect to pay fees of more than $500 per month compared to $50 per month (the average cost for a company account).
For banks to come to their senses, the cannabis industry in Canada will have to rely on credit unions.
Canadian Hemp Credit Union
Banking is essential to business. While credit unions such as the Community Savings Credit Union have stepped up, in general, there is a limit to what a credit union can do for your business.
However, the awards won by the Community Savings Credit Union highlight that there is money to be made to help cannabis producers and retailers.
It would be wise for the big banks to treat the legal cannabis industry like any other legal sector. Or maybe, especially after freezing the bank accounts of people who protested peacefully in Ottawa, the rest of us should get out of traditional banks and take care of credit unions instead.