They own, operate, and work for licensed and regulated businesses. Their industry generates millions of dollars a year for state governments. Yet, it can be very difficult for people in the legal cannabis industry to get even the most basic banking services. And running a business or doing your everyday personal banking becomes a huge challenge without a bank account.
Below are three stories from Salal members who have faced these challenges and succeeded.
Owner, Khush Kush
Sunny and his immigrant family saw cannabis cultivation as a way to realize their version of the American dream: owning a successful business and achieving financial stability. But not long after they got their business up and running, their previous bank froze all their accounts and funds—including personal accounts. Thanks to Salal, they were able to get a new business banking account, allowing them to write checks, accept check payments on invoices, and stop paying their employees in cash. Now, with access to standard banking services that most companies take for granted, this multi-generational family business is stronger than ever.
Chantel had her new car for 10 days. Then the dealership called—her car loan had been denied simply because she worked for a canna-business. The dealership asked her to return the car. But how was she going to commute 30 miles to work without a car? Luckily, her boss told her about Salal. By the time Chantel got off work that day, not only had Salal sent new loan paperwork to the dealership for her to sign, her interest rate went from 17% to 8%. She was able to keep her car and now she is also building financial wellness with a checking and savings account.
Owners, Hashtag Cannabis
Jerina and Logan were looking to open their first canna-business retail store, but no bank would give them a checking account. They were excited to turn their business vision into reality, but running a business unbanked was a deal-breaker for them. They wanted to do everything “above board” or not at all. With business banking services from Salal, they are able to pay their employees, vendors, and taxes just like any other business would do. Plus, they have a safe and secure way to store their money. Gaining access to banking services has given their business the legitimacy it needed to grow and thrive. Now they have 45 employees and are gearing up to open their third store.
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