Community Savings to Expand Service Offering for BC Cannabis Producers
Community Savings Credit Union makes another bold move to support the underbanked
Community Savings Credit Union, a leading BC credit union, has announced a new account for cannabis producers, who historically have faced unfair banking fees from financial institutions.
Community Savings is launching the 18/6 account today, which brings affordable and accessible banking to cannabis producers who face stigmatization and unfair banking fees from many banks. The 18/6 account, named after the optimal light/darkness growing conditions for cannabis, can be opened and approved online, enabling cannabis businesses across BC to benefit.
One of the first credit unions to acknowledge the cannabis sector proactively, Community Savings believes access to equitable banking should not be up for question and that cannabis retailers and producers should have access to fair and affordable banking services just like any other legal business. Community Savings has 18 per cent of the market share of BC cannabis retailers with its affordable account offering and launched a new account for cannabis cultivators today.
“The 18/6 account is another step towards fair and affordable banking services for the unbanked,” says Mike Schilling, CEO of Community Savings. “It’s been more than three years since cannabis legalization in Canada, and cannabis business owners still struggle to achieve a basic right - equitable and economic inclusivity.”
Cannabis businesses are required to pay significantly more than other legal businesses - to the tune of 500 per cent. The account features a low $200 monthly fee after a $150 application fee (for a limited time). Community Savings will refund the application fee after six months.
For further information please contact:
Yulu PR
cscu@yulupr.com
About Community Savings
Community Savings Credit Union is BC’s largest fully unionized credit union and is dedicated to being the credit union of choice within the working community. At Community Savings Credit Union, we are known for providing exceptional service to each member and our passion lies in empowering our members to achieve their financial goals. Being member owned and operated, Community Savings invests into our communities by supporting local charities and non-profit organizations to help create stronger and more vibrant communities. To learn more, visit comsavings.com
