In 2017, CCIA, a state and federally registered nonprofit trade association, lost our third bank account in a year. Many in the cannabis industry have felt this pain as they scrambled to pay their staff and vendors, as they struggled to run compliant businesses with no access to banking. It’s a frustrating part of life for many CA operators. Not long after our last bank closure, I was introduced to the professionals at North Bay Credit Union and we were pleasantly surprised at their willingness to work with us.
Now, after a long and fruitful relationship with NBCU, CCIA is proud to announce an exclusive partnership that will benefit our members in a truly profound way. By offering this member service, we’re hoping to make your lives easier as you navigate the tricky business of legal cannabis.
This amazing partnership now offers our members the opportunity to access banking services such as:
- Checking accounts
- Online bill payment
- Wire transfers and ACH processing
- Employees of CCIA members are also welcome to join as individual members of the credit union
Sign up for CCIA today and connect to NBCU to start your application process!
As you may have seen, all three regulatory agencies released new regulations based on AB 1525 (Jones-Sawyer) which incentivizes banks, credit unions, and other financial institutions to provide services to the cannabis industry by clarifying their ability to access track and trace data, but only with the express permission of cannabis licensees. CCIA was a huge proponent of this bill and lobbied for its passage.
CCIA membership has its perks, and now access to banking is a huge value add for our members. Current CCIA members can click here to be connected with NBCU
*DISCLAIMER: CCIA membership does not automatically qualify your business for a bank account at NBCU. Your company will still need to fill out all of the relevant applications and follow all of the compliance measures that the bank has in place for cannabis businesses.