When Greater Nevada Credit Union launched a small pilot program for cannabis banking in 2020, many viewed our decision to enter that space as a way to help cannabis-related businesses (CRBs) safely and legally function within the fledgling industry. While that was indeed a driving force behind that commitment, it was the opportunity to empower and directly improve the lives of individual CRB employees that truly motivated us.
Supporting Employees of Cannabis-Related Businesses
Drawing from its long and successful history of providing services to industries and individuals who lack adequate access to quality financial services, Greater Nevada delivered a safe, secure, and consistent banking experience for cannabis businesses.
Before credit unions and other select financial institutions were able to bank, everything was done in cash. Customers made cash purchases, which was amassed behind the scenes, resulting in liability for the CRBs. In turn, the business would have to pay their employees in cash as well.
For the individual worker, this causes several problems, from minor inconveniences to major obstacles. One such challenge is the qualification for loans and mortgages. Another is the ability for employees to pay employment taxes or manage payroll returns, among other legal obligations.
When working with Greater Nevada, CRB employees can count on dependable, smooth and efficient banking and payroll solutions. When it comes to payroll management, employees of CRBs can rest assured that their state payroll tax filing, quarterly reporting, workers comp reporting, tax deductions and other procedures are being handled above board, just like any legal employee throughout the state, in any industry.
The financial wellbeing of Nevadans, and the communities they belong to, is what drives us. There’s never been a better time to bank with Greater Nevada. To see how we can support your CRB, click here to reach out to our Commercial Services team.
Click here to learn more about Cannabis Business Banking in Nevada.