Member Spotlight: Green Lady Cannabis
From Spa to Cannabis
Mike Redman’s journey into the cannabis industry began in an unexpected way. “We used to own a spa downtown, a float center,” he says. A business partner suggested entering the state’s cannabis license lottery. They decided to take a chance —and won. “We were excited. I’ve always been a cannabis proponent.” he shares. This marked the beginning of Green Lady, a thriving cannabis retail business with locations in Lacey and Olympia. Applying the same principles they honed from their previous entrepreneurial ventures in financial services and retail, the team quickly realized that the cannabis industry brought a whole new set of challenges –- but ones they were ready to tackle.
The many regulations and financial restrictions were daunting. One of the biggest challenges for Mike and other cannabis entrepreneurs were the steep taxes. "We were paying 72% of every dollar we brought in in taxes," he recalls. Despite these hurdles, Green Lady kept moving forward, growing stronger with time and experience.
But Mike points out that these challenges also helped shape the company’s identity. “It filtered out a lot of people who were in it for a quick buck. For us, it was fun, and we were committed.”
A Banking Partner Who Understands
In an industry where financial support can be hard to come by, Mike found a trusted partner in O Bee Credit Union. “You guys were our first cannabis bank,” he says. From the very beginning, O Bee treated Green Lady like any other business, a gesture that wasn’t lost on the Green Lady team. “It’s crazy to me, but many financial institutions still treat cannabis businesses differently. With O Bee, we’ve always felt like a regular business.”
This relationship has been transformative for Green Lady. “Eventually, we decided to move all our accounts over to O Bee,” Mike says. “The way we were treated made all the difference.”
Mike also recalls the personal touch from O Bee’s mortgage department. “O Bee helped us buy our house in the San Juan Islands. It was a difficult market but having that personal and business relationship with O Bee really made the process smoother.”
Building a Business, Building a Community
Green Lady stands out in the cannabis market for its focus on quality and community. While some competitors elbow each other out of the way to offer the lowest prices, Green Lady takes a different approach. “We try to be as classy as possible,” Mike says. “We have a coffee shop next to our flagship store. It’s a comfortable space where customers can sit down, talk to our budtenders, and really enjoy the experience.”
For Mike, cannabis is more than a business—it’s a community. Green Lady treats its employees like family, regularly hosting company-wide events, including a recent 10th anniversary party aboard a ferry that cruised around Lake Union and Lake Washington. “We want our employees to feel like they’re part of something special,” Mike says.
Looking Ahead
As the cannabis industry continues to grow, Mike sees big opportunities ahead, especially for financial institutions willing to support cannabis businesses. He believes that O Bee’s early involvement in cannabis lending has positioned it well for future growth.
Reflecting on his partnership with O Bee, Mike expresses his gratitude. “You guys have been great to us,” he says. “It’s been a solid partnership, and we’re excited to keep growing together.”
O Bee is proud to serve companies like Green Lady, helping them thrive and grow within our community. Together, we’re creating opportunities and building a future where businesses of all kinds can succeed and flourish.
Learn more about Green Lady here: https://greenladymj.com/