A BC cannabis retailer says access to capital from a local credit union has been a game changer, allowing his small business to grow. 

Randy Tingskou, founder of A Little Bud, which will soon open its fourth location in the province, says that access to credit through Community Savings has helped him to better manage the uncertainty of the industry.

“The cannabis industry is run on a pay-to-play model, where cash is often the only option, even for placing orders to BCLDB,” says Tingskou. “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.” 

“It’s enabled us to do a lot more with a lot less.”

He explains that regulatory roadblocks, cash flow headaches, and financial stigma have made running a cannabis business needlessly difficult. One way Tingskou suggests the provincial distributor in BC address some of these needs is by offering stores better payment options, such as net-30 or net-60, rather than only cash on delivery. 

Six years into legalization, the industry should convey more security to lending institutions, which, other than credit unions like Community Savings, often do not want to deal with cannabis because of concerns with financial risks. 

“I would really like to see our distributor step up and provide us with some type of payment options outside of cash on delivery,” he adds. “I think that it’s going to help the banking system if our sole distributor shows faith in us as retailers. I think if we can get the confidence from our distributor, it’s going to help banking regulators with their confidence, as well.”

Mike Schilling, President and CEO at Community Savings, notes that the organization is BC’s largest cannabis banker, with 233 cannabis-related business clients and over $22 million in commercial loans and working capital.

“Legal cannabis entrepreneurs have been overcharged, overregulated, and overlooked,” explains Schilling. “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 six 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 also waived additional fees that other banks charge, he adds, like a fee to open an account. The credit union has provided 38 credit cards and, in partnership with We Can Capital Inc., 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). 

“What Community Savings is doing isn’t flashy or new—it’s foundational,” says Joshua Reynolds, Director of Partnerships at We Can Capital. “They’re giving businesses the tools to function like any other industry. That shouldn’t be revolutionary, but in cannabis, it is.”

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