When medical cannabis became legal in the state of Nevada in July 2015, handling cash from pot sales was akin to a fantastical Hollywood script due to regulations that made the cannabis industry a cash-only business.
Aron Swan, chief operating officer at Silver State Relief — the first dispensary to open in the State of Nevada — recalls the days of lugging around backpacks stuffed with cash to pay the dispensary's bills.
"Nine years ago, we didn't have a business checking account," he told NNBW. "We were able to do payroll, but we just had a ton of cash, and you can't pay (most) bills with cash."
The banking landscape has changed dramatically since those early days. Greater Nevada Credit Union began its cannabis banking program in 2020, and the program has proved to be a game-changer for cannabis-related businesses (CRBs).
Read more at Nevada Appeal.