Merchants and Marine Bank, a century-old Mississippi-based banking institution, has launched CannaFirst Financial (CannaFirst), the first banking division dedicated to business owners in Mississippi's quickly emerging Cannabis industry.
CannaFirst will serve clients in platform integration, online and mobile banking, cash transport, and treasury solutions. It is overseen and staffed by seasoned banking professionals with significant experience and certifications in emerging markets and industries.
"Merchants and Marine Bank has been a dedicated partner for our regions' business owners for more than 100 years," said Clayton Legear, President and CEO of Merchants and Marine Bank.
"You achieve a legacy of that nature by paying attention to the changing dynamics of the communities that you serve – making banking services readily available to entrepreneurs who are taking advantage of new opportunities in the marketplace. CannaFirst is a direct reflection of that philosophy, and we're very proud to be expanding our financial expertise into this emerging industry."
CannaFirst is excited to serve to a wide-range of Cannabis-based business owners, including dispensaries, cultivators, testing labs, armored car services, wholesalers, and retailers.
These business owners will work with CannaFirst's specialized banking team to address issues such as integrating transaction and deposit platforms; increasing digital banking mobility; recording, assessing and reporting account activity; securing cash transport, and establishing rapport with the Treasury.
"Legally certified Cannabis-based businesses should not be denied access to the same banking services that other industries receive with little to no hassle," said Jeff Trammell, Chief Risk and Strategy Officer for Merchants and Marine Bank.
"These business owners are being asked to adhere to regulation that is, in some cases, still in limbo, and for that they need qualified banking experts to help them achieve compliance. That's what CannaFirst is here to do, for our community business partners and their affiliates."
