– BC’s largest cannabis banker with 233 businesses as part of its cannabis community has disbursed over $22M in commercial loans and working capital, expanded market share to 30%, and is rolling out its “We’re Not Your Usual Banking Joint – We’re Better” campaign to support additional sector growth
VANCOUVER, British Columbia / Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations, April 15, 2025 (GLOBE NEWSWIRE) — Community Savings, BC’s largest cannabis-friendly credit union, is shaking up the system. As the first and only financial institution in the province to offer full-service banking, credit cards, and working capital to cannabis businesses, the credit union is marking 4/20 by celebrating its most significant milestones yet—and launching a bold new campaign: “Not Your Usual Banking Joint.”
Mike Schilling, President & CEO, Community Savings says, “Legal cannabis entrepreneurs have been overcharged, overregulated, and overlooked. We’re putting money back in their pockets with smarter, fairer financial tools—because it’s long past the time the cannabis industry got treated like real businesses. We’re eliminating red tape and providing real financial support to help cannabis businesses scale and succeed. Over the last 6 years, we’ve made sure our cannabis members have the same banking privileges as any other industry. This community needs a financial partner that rolls at their speed and we’re here to deliver that.”
Community Savings has been a fierce advocate for financial inclusivity in the cannabis sector, pushing back against outdated banking norms and championing tailored solutions that directly benefit businesses. Key achievements include:
Credit Cards for Cannabis? Finally.: In an industry where major banks still refuse basic services, Community Savings has stepped up—becoming the only institution to offer pre-approved credit cards to cannabis businesses. To date, 38 credit cards have been provided. This shift enables cannabis businesses to move beyond cash-only transactions, improving both security and scalability.$22 million in commercial lending and working capital to the cannabis industry: In partnership with We Can Capital Inc, Community Savings has advanced funds against invoices from the BC Liquor Distribution Branch (BCLDB), Alberta Gaming, Liquor & Cannabis (AGLC), Manitoba Liquor and Lotteries (MBLL) and the Ontario Cannabis Store (OCS). This immediate cash liquidity helps accelerate production, secure better supplier terms, scale their business, and drive net financial gains.Fueling the growth of BC’s cannabis industry: Community Savings now supports 233 legal cannabis businesses in BC with fair, stigma-free financial services. In just two years, it has grown its cannabis banking portfolio by 70% – a testament to the urgent need for accessible banking in the industry.Fair, accessible banking for cannabis businesses: Community Savings offers its QUADs business account with the same transparent pricing as any other business. This is revolutionary in a space where traditional banks are charging cannabis retailers up to $7,500 just to open a chequing account – often refusing service outright or imposing fees that are 1,500% to 5,000% higher than those for other retail businesses. At Community Savings, the account opening fee is $0. That’s right – zero. By removing these financial barriers, Community Savings is making banking affordable and accessible to the industry.
Community Savings’ latest campaign, ‘We’re not your usual banking joint – we’re better’ welcomes new cannabis businesses with waived application fees to its QUADs business account. With the QUAD account, cannabis businesses get access to fair and accessible banking products that help them scale and grow their business, and improve cash flows.
For more information or to sign up for their chequing package, visit: https://www.comsavings.com/rollwithus
Hear from the industry
Regulatory roadblocks, cash flow headaches, and financial stigma have made running a cannabis business needlessly difficult. But for Randy Tingskou, President of A Little Bud, having the right financial partner has been a game-changer.
“The cannabis industry is run on a pay to play model, where cash is often the only option, even for placing orders to BCLDB. This creates major barriers for retail businesses like ours looking to expand into new markets and open more storefronts. Community Savings actually fought to get us access to credit. Now we’ve shifted to credit payments for everyday expenses. This has been a game-changer in streamlining our operational costs and freeing up cash flow for growth,” Randy says. A Little Bud is opening its fourth location in Duncan in July.
Another perspective comes from Joshua Reynolds, Director of Partnerships at We Can Capital, who has seen firsthand how the right financing tools can reshape the cannabis industry. “What Community Savings is doing isn’t flashy or new – it’s foundational. They’re giving businesses the tools to function like any other industry. That shouldn’t be revolutionary, but in cannabis, it is,” Joshua says.
Through a partnership with Community Savings, We Can Capital is focused on expanding access to affordable accounts receivable financing for BC-based LPs, helping remove systemic barriers and creating a strong foundation for growth across the sector.
About Community Savings:Community Savings Credit Union is driven by its purpose to unite working people to build a just world. As BC’s largest fully unionized credit union, Community Savings provides best-in-class personal and business banking. It is the largest provider of banking services to the BC cannabis industry of growers, producers, retailers and ancillary businesses, providing day-to-day banking, lending, and account receivables financing to support the growing sector.
Community Savings operates seven branches across the Lower Mainland and Victoria and services its cannabis members province-wide. It lives by its values, from being the first financial institution to become a Living Wage employer in 2010 to winning the 2022 BCBusiness Business of Good Workplace Wellness Award for its innovative staff wellness programs. For more about Community Savings, visit www.comsavings.com.
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– BC’s largest cannabis banker with 233 businesses as part of its cannabis community has disbursed over $22M in commercial loans and working capital, expanded market share to 30%, and is rolling out its “We’re Not Your Usual Banking Joint – We’re Better” campaign to support additional sector growth… Read More
