Salal helps businesses and professionals across the cannabis industry thrive by supporting their banking and lending needs.
As the cannabis industry continues to expand and evolve, Salal Credit Union provides support for professionals and businesses navigating the complex financial landscape of the burgeoning sector. Our deep commitment to fostering economic growth while maintaining financial stability makes us a trusted partner for people working in cannabis, and we offer proven banking and lending solutions tailored to their unique needs.
Through a combination of industry experience, regulatory expertise, and a forward-thinking approach, Salal empowers our members to thrive and prosper. People who work in cannabis cultivation, manufacturing, or retail need a financial ally who “gets them,” and at Salal, they’ll always be treated with respect and just like any other business sector. Below are a few stories we’d like to share from Salal members—with very different roles in the industry—who we have been able to help.
Loans and Everyday Banking for Cannabis Employees
Let’s start with Chantel Gunn, who works in cultivation operations.
Chantel’s story involves a car loan, and is sadly not unique. She had her new car for 10 days when the dealership called. They needed her to return the car as quickly as possible because her loan had been denied. The reason? She worked in the cannabis industry. Chantel was dumbfounded and scared. Without a car, she would not be able to drive the 30-mile commute to work.
“I was devastated. But then my boss suggested I look at Salal,” Chantel said. “I went from dread to elation that afternoon because not only did Salal quickly send over the new loan paperwork, they gave me a rate that was much better than the other bank offered before the loan was rejected.”
After Chantel got her car loan from Salal, she opened checking and savings accounts, and continues to solidify her financial wellness as a longtime credit union member.
Cannabis Business Banking Solutions
Jerina Pillert and Logan Bowers of Hashtag Cannabis & Supply Co. are two business owners who wouldn’t be where they are today without Salal’s services and support.
The couple had no idea that a cannabis business would be treated so differently from other licensed businesses when they decided to join Washington’s legal market by opening a dispensary. But it quickly became clear when Jerina began calling banks for insurance and a checking account. The refusals and rejections piled up. But when she reached out to Salal and explained what her business did, she quickly received a thumbs-up and her frustrations were finally over.
“Having a Salal account is central to us being able to do business at all,” said Logan. “With Salal’s help, we opened our first dispensary in Seattle in 2015, our second in Richmond in 2017, and I’m proud to say that we were recently able to open our third location in Everett in 2022.”
Meanwhile, Sunny Saini, CEO of Khush Kush, runs a 10,000-square-foot Tier 3 grow operation and he appreciates the level of customer service he receives: “The first thing I would say to Salal is, ‘Thank you for legitimizing us as a business.’”
Sunny had previously experienced the indignity of his former bank freezing all accounts and funds, including personal accounts, when it discovered the nature of his company. With Salal, he was able to set up a new business bank account, stop paying employees in cash, and get full access to standard banking services that we believe every cannabis business should have.
“Our motto is ‘What makes you happy,’ and I feel like Salal returns that happiness back to us,” Sunny said. “They treat us like legitimate people. They accept us for who we are and want us to succeed.”
Salal members enjoy lower interest rates and lower fees, but they also benefit from the trust, security, and peace of mind that comes from a financial institution well-versed in the nuanced cannabis industry. Reach out today to learn how you can make the most of our services and make your money work best for you.