What you need to know about cannabis financial services

One of the wonderful things about living in the U.S. is the freedom to make personal choices, such as who you spend the rest of your life with, where you live and work, and even where you keep your hard-earned money.

Working in a legitimate industry should not make it more challenging to receive financial services. But this is the situation that many people who own, operate, or work at cannabis-related businesses find themselves in. While possessing and consuming cannabis products is legal for adults 21 and over in Michigan, the career decisions residents working in this industry have made can have an adverse impact on their ability to secure loans, cash their paychecks, or utilize other services.

If an institution is willing to serve people who work in cannabis, often it lacks the needed knowledge and experience to navigate the needs of those individuals. These financial firms need to ensure they do their due diligence to understand the specific challenges faced in the complicated cannabis industry.

For example, Community Choice leaders and team members have visited laboratories and storefronts, formed partnerships, and supported secure cash delivery services – because that is what our members demand and deserve. We continue to learn more about how we can best support our members involved in the cannabis industry and welcome feedback and suggestions from them.

Community Choice Credit Union knows the cannabis business industry and is proud to serve more than 500 businesses that operate in the field, along with hundreds of consumers employed in the field. We have a full-service team that includes 3 relationship managers and an entire support team that manages Choice Cash Services. Choice Cash is a sophisticated suite of cash handling, compliance, and transactional services built just for cannabis-related businesses, including dispensaries, growers, and laboratories.

Those who work in the cannabis industry, but are not business owners, need the same access to financial services as any other consumer. All too often we learn of individuals who have been turned away for a car loan because they earn their paycheck from a cannabis-related business; or others who are denied access to a personal debit card. Industry bias does not exist here. Community Choice aims to be the financial institution of choice for those members employed in the cannabis industry.

We encourage members to live the life – and pursue the careers – they want. The cannabis industry is a growing field with unique needs, and we are proud to be directly involved in it. Discover how we understand this industry by visiting https://www.communitychoicecu.com/business/cannabis-business-services/ .