SPRINGFIELD, Vt.–A Vermont credit union is describing its experiences in providing banking services to cannabis businesses as “unique,” among other things.
Noah L. Roulat, marketing manager at the $261-million One Credit Union, told the Manchester Journal serving the cannabis industry brings challenges, but “We’re fortunate our team is very open minded and uses this as an opportunity and isn’t really intimidated.”
Roulat described the cannabis industry as “a quickly changing landscape,” with “a lot of factors in play.”
According to Roulat, One Credit Union wants to “serve our membership with the best suite of services and help them realize their best financial goals,” but cannabis is “its own unique arena,” the Manchester Journal reported.
Added Nate Messier, regional branch manager at One Credit Union. “We’re all normal humans. We’re laid back. We have a lot of people who are consumers of cannabis and are now excited to be part of it from the financial side.”
Messier told the Manchester Journal the credit union has “exciting marketing and swag giveaways.” Lighters and rolling trays were given out at the Vermont Cannabis and Hemp Convention in May.
18 Months Old
One Credit Union started offering cannabis banking services about a year-and-a-half ago, with Roulat saying the credit union became “involved because it seemed like a natural extension of our desire to serve Vermont industry,” the publication stated.
“Whether that’s small business owners or retail shops, distributors, growers and cultivators, it seemed like a burgeoning market,” he said.
One of the missions of One Credit Union is to serve people who are producing items in the state. The credit union has seven separate locations in Vermont and two in New Hampshire. The hope is to eventually provide cannabis banking services in the Granite State, when retail sales are allowed, according to the Manchester Journal.
Full Suite of Offerings
The report added that a full suite of banking products are offered by One Credit Union to Vermont cannabis establishments, including savings and checking accounts, online banking business, debit cards and business checks. About six months ago, the credit union rolled out its cannabis business lending program.
One CU told the Journal approximately 15-20 cannabis banking customers are being served, even though the CU is “a little late to the game,” as other credit unions in the state provided cannabis banking services earlier.
Banks in the state are also providing services.
Verifying the Businesses
One Credit Union partners with Green Check Verified, which describes itself as “the leading provider of cannabis banking solutions and expert advisory services for financial institutions.” Green Check ensures businesses are licensed, use proper point-of-sale systems and correctly broker sales, the Manchester Journal added.
Commercial borrowers need to “furnish at least two years of tax returns,” and some retailers have only been established for two years.
