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Aug 10, 2017 12:10 PM

Florida Bank Begins to Work With Medical Marijuana Companies

A Florida bank has recently started offering its services to cannabis businesses. First Green Bank located in Orlando has opened its accounts to Florida’s six licensed medical cannabis producers, The Palm Beach Post reported.

The bank accepts cash deposits from weed businesses and—without performing any operations with the money—moves the funds straight from the company to a Federal Reserve location using secure armored trucks.

According to the Post, First Green Bank, which is currently the only bank in Florida that works with medical marijuana companies, has already received $30 million in deposits from MMJ businesses. The financial institution has also issued a $2.6 million mortgage for a property that will become a home to a medical cannabis dispensary, according to the newspaper.

The bank worked for several months to convince the local authorities they were ready to cooperate with weed businesses. However, it could easily close all cannabis-related accounts in 24 hours in case federal government gave such an order.

Although many banks are already working with cannabis-related companies, few advertise their readiness to take on cannabis clients.