It looks as if Florida’s medical marijuana businesses may soon have a new banking option.
Seattle-based GRN Funds is planning to provide banking services starting Aug. 16 to the Sunshine State’s medical marijuana treatment centers and ancillary marijuana businesses that successfully complete its application process, the investment bank’s CEO, Justin Costello, told Marijuana Business Daily.
“We see the Florida market as a great opportunity. We see it as the second- or third-largest cannabis or hemp market in the U.S. in the next three to five years.” Costello said.
Costello noted the investment bank will provide services to cannabis-based business clients – including noninterest-based checking accounts, debit card processing and lines of credit for qualified accounts.
Florida’s licensing model, which allows for vertically integrated MMJ operators, means GRN Funds will be managing larger accounts in the state, Costello said.
As of July 23, 11 medical marijuana businesses or ancillary marijuana businesses in Florida had submitted applications to GRN Funds, which has approximately 425 clients in Alaska, Arizona, California, Nevada, Oregon and Washington state, according to Costello.