North Carolina bank to offer financial services to cannabis companies

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

A bank in Raleigh, North Carolina, launched a banking program dedicated to marijuana and CBD companies.

According to the Winston-Salem Journal, West Town Bank & Trust created a cannabis banking team made up of seven financial service professionals and hopes the program will appeal to companies across the country.

The bank said it developed a hemp banking program after the 2018 federal Farm Bill.

West Town joins other banks in the U.S. that are increasingly embracing the industry, including a couple of recent examples in Massachusetts.

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Cannabis companies continue to push for banking reform and are urging U.S. congressional members to pass legislation that would enable financial institutions to serve cannabis-related businesses without fear of federal punishment.

U.S. Treasure Secretary Janet Yellen even recently criticized Congress’ inaction on marijuana banking reform.

The bulk of marijuana businesses are still operating in a cash-only manner, which puts them at risk for criminal activity such as armed robberies.