What You’ll Learn
- Find out how a Salal Business Banking program supports social equity in the cannabis industry by making business banking services more accessible.
As a not-for-profit credit union that is owned by our members, we know that when we all work together—when we all pull in the same direction—we can accomplish big things. We also know that, as a financial institution, we can play a unique role in facilitating and driving positive change in the communities we serve.
As part of this vision, Salal Business Services has created the Social Equity Cannabis Banking program*. This program is designed to give a boost to businesses that have been granted a social equity license from any state cannabis agency. By making business banking services more accessible, we hope to help grow diversity in the cannabis industry. We also hope to make the industry more welcoming to communities who are underserved or have been disproportionately impacted by past enforcement of laws prohibiting cannabis.
Social Equity Cannabis Banking Program Details
Salal’s Social Equity Cannabis Business Banking program offers affordable banking options to underserved communities with social equity licenses. Eligible businesses receive discounted application fees and no minimum balance requirements for the life of the account. Current Salal Business Banking members who qualify can get a retroactive application fee refund.
Participants in the program have access to all of Salal’s cannabis banking solutions, including customized business checking and savings accounts, cash management services, remote check deposit, along with flexible financing options for equipment investments and more. Employees in the cannabis industry also benefit from a full range of personal banking services and exclusive Workplace Banking benefits.
What Is a Social Equity Cannabis License?
In recent years, many states that have legalized recreational cannabis have also started cannabis social equity programs, including Washington, California, New York, Illinois, Michigan, and New Jersey. While the details vary from state to state, these programs aim to address the lasting impacts of the War on Drugs by promoting cannabis business ownership in communities of color and removing licensing barriers, such as drug-related criminal histories. Some states, including Washington, have created a specific social equity application process for obtaining a cannabis retailer license.
Is Your Business Eligible?
To learn more, contact one of our Business Specialists at 206.298.9398 or at BusinessInquiries@SalalCU.org. If you’re already a Salal Business Banking member and have a cannabis social equity license, reach out to your Business Account Officer.
