The Orlando-based First Green Bank has now had its name become a double meaning as they are offering banking services to various cannabis businesses. The bank is the first of its kind to serve Florida’s medical marijuana industry.
Many of the major banks across the country have not been able to provide services to cannabis companies given the federal status of the plant. With marijuana being a Schedule 1 narcotic, banks are not allowed to touch money that comes from it as it would violate federal regulations.
The founder of the First Green Bank, Ken La Roe has said that medical marijuana immensely helped his wife after she was left with brain injuries and a seizure disorder following a serious bicycle crash. Within six months, La Roe’s wife was able to get off the seizure medication completely. Six months after that, her seizures were completely gone.
La Roe stated that his bank would be the first to offer banking services to the cannabis industry. La Roe was quoted saying that “There is no rule or law because it’s federally illegal.” The First Green Bank would not actually touch the cash from dispensaries. La Roe stated that “We don’t ever touch the cash or allow dispensaries to deposit it. We require them to use armored car service’s we have vetted to go to the dispensaries.”
What happens is, the armored trucks pick up the large amount of cash from the dispensaries, and then takes it to the nearest banking location. First Green Bank will also offer services to track the inventory as it is noted in the legislation, from seed to sale. La Roe has stated that the process has not been easy, and has taken over two years just to implement the system. As of this year, First Green Bank services six licensees within the state of Florida. As of now, they have processed over $30 million dollars.
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