MG Magazine November 2024: The Greenbax Marketplace President takes us behind the scenes to demystify compliant banking.

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MG Magazine May 2024: While the industry as a whole may be dominated by men, its subsectors enjoy a little more nuance. Banking, for example, traditionally has operated as a female-forward space. Carole McCormick’s impact lives in the cannabis banking realm, where she formed her first group of “cannachicks” in 2017.

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SAN DIEGO, March 18, 2024 (GLOBE NEWSWIRE) — FundCanna, the leading provider of capital to small to medium-sized businesses throughout the cannabis sector, announced today a partnership with Greenbax Marketplace, which named FundCanna as its preferred lending partner. Greenbax, a subsidiary of North Bay Credit Union and a trusted partner in the cannabis industry since 2017, is dedicated to providing safe and secure banking services to cannabis companies. The partnership with FundCanna gives cannabis operators a trustworthy and compliant avenue for lending, which is desperately needed in the capital-intensive sector.

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One of the most common hurdles that cannabis retailers face is securing a bank account for their business that is affordable, comprehensive, and offers an easy approval. Check out BLAZE’s latest blog about what to look for when looking for a cannabis banking partner.

“I’ve been a small business owner and a cannabis operator for over 15 years. My experience with Greenbax Marketplace is the best banking experience I’ve had across all industries and I’ve worked with many banks. Greenbax’s support of the cannabis industry is unparalleled. They go to great lengths with their individualized service and technology to normalize our banking despite the obvious challenges. I’d recommend, and regularly do, any cannabis operator bank with Greenbax Marketplace.” ~ Duncan Ley​ of California Street Cannabis Co.

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North Bay Credit Union, an early entrant into the cannabis banking space, has been offering accounts for marijuana-related firms since 2017, shortly after the recreational use of the drug was legalized in the state in 2016.

“Our philosophy has always been to treat our [marijuana-related business] accounts as much like any other business account as possible,” he said. “Greenbax Marketplace is our cannabis banking subsidiary and I think our range of services and the level of customer support we provide are also significant factors in our growth.”

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Cannabis company operators hope federal legislation will finally allow them to do business with banks — and stem a counterculture label the $50 billion legal industry finds hard to shake. The Secure and Fair Enforcement Banking Act making its way through Congress is intended to allow cannabis businesses to open bank accounts even though their product, while legal in California, is outlawed by the federal government. The dilemma has posed both safety and tax issues, which are seen by a collective of bipartisan lawmakers as unfair and unwarranted.

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CANNABIS OPERATORS and financial institutions have access to a full suite of compliant banking services on a safe & compliant fintech solution

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