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.

Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.

Order your 2022 MJBiz Factbook, out now!

Featured Inside:
  • 200+ pages and 50 charts with key data points
  • State-by-state guide to regulations, taxes & opportunities
  • Segmented research reports for the marijuana + hemp industries
  • Accurate financial forecasts + investment trends

 

Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.

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.