CARSON CITY, Nevada — 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, with an enhanced, tiered pricing model. This development introduces exclusive business banking solutions such as flexible account options, simplified fees and secure on-site cash management designed specifically for CRBs.
“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.”
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 and improved digital services.
“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.”
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.”
About Greater Nevada Credit Union
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada, and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 87,000 consumers and small businesses and has $1.76 billion in assets. GNCU’s subsidiaries include Greater Nevada Mortgage, Greater Commercial Lending and Greater Nevada Insurance. GNCU is a certified Community Development Financial Institution (CDFI) and has been consistently recognized as a Best Financial Institution in many of its service areas and as a top employer by the Reno/Tahoe Best Places to Work Awards. GNCU is also the title sponsor of Greater Nevada Field in Reno.
