North Carolina bank to offer financial services to cannabis companies

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.