Raleigh N.C. Bank Tries To Carve Niche In Serving Cannabis Industry
Officials believe the program will have national appeal
North Carolina is one of 13 states that have no legal avenue for the use of medical marijuana, much less the sale and distribution of recreational cannabis.
That hasn’t deterred a 100-year-old Raleigh bank, West Town Bank & Trust, from launching last week a dedicated cannabis/CBD banking program that officials believe will have national appeal.
The program represents an extension of the bank’s mission “to make financial services more accessible to emerging and underserved industries.”
“As one of the first banks to roll out a hemp banking program (in 2019) after the 2018 (federal) Farm Bill, we witnessed first-hand the role dedicated banking programs played in advancing the entire industry,” Ross Sloan, West Town’s senior vice president of Hemp & Cannabis Banking, said in a news release Wednesday.
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