California Cannabis Industry Association Announce Access To Banking For Members

1.3 min readPublished On: January 20th, 2021By

CCIA Announces Exclusive Partnership with NBCU

“CCIA Members will gain direct access to banking, overcoming a huge barrier for legal cannabis operators.”

SACRAMENTO – In 2017, CCIA, a state and federally registered nonprofit trade association, lost their third bank account in a year. Many in the cannabis industry have felt this pain as they too were locked out of banking. This left some operators having to find convoluted ways to pay their staff and vendors, as they struggled to run compliant businesses –with no access to banking. It’s a frustrating part of life for many California cannabis operators. Spurred by their last bank closure, CCIA began work with North Bay Credit Union who were impressed by CCIA’s professionalism according the Credit Union.

Now, together with NBCU, CCIA announce an exclusive partnership that will benefit its members by offering this member service,  to help members navigate the tricky business of legal cannabis.

This partnership now offers CCIA members the opportunity to access banking services such as:

  • Checking accounts
  • Online bill payment
  • Wire transfers and ACH processing
  • Employees of CCIA members are also welcome to join as individual members of the credit union

All three regulatory agencies released new regulations based on AB 1525 (Jones-Sawyer) which incentivizes banks, credit unions, and other financial institutions to provide services to the cannabis industry by clarifying their ability to access track and trace data, but only with the express permission of cannabis licensees. CCIA was an active proponent of this bill and lobbied for its passage.


About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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