One Of America’s Biggest Banks Spearheads Cannabis Support With $1M Credit Line
First Citizens Bank‘s (NYSE:BAC) cannabis banking business provided a $1 million working capital line of credit to MC Nutraceuticals, a global supplier of hemp-derived cannabinoids.
The news comes on the heels of FCB’s recent announcement that it is getting into the cannabis market. With the move, it became the largest bank known to serve the cannabis industry.
As Benzinga’s Javier Hasse highlighted last month, the announcement from one of the 20 largest banks in the U.S. with over $200 billion in assets, was “made in a commentary posted on the bank’s website on January 12, 2024, where First Citizens Bank highlighted its intention to extend its substantial hemp/CBD platform into the broader cannabis space.”
See also: Bank Of America, Mastercard, …