With the Alabama launch, CannaFirst will expand delivery of its white-glove, compliant financial services products across the state line from Mississippi, with the expectation of taking a market leadership position
CannaFirst Financial Launches in Alabama. (Credit: Edar from Pixabay)
CannaFirst Financial, a wholly owned division of Merchants & Marine Bank, announces the launch of its banking and financial services for Medical Cannabis Industry businesses in Alabama.
Since its formation last June, CannaFirst has successfully served the nearby Mississippi cannabis market, facilitating the growth of cultivators, dispensaries, and other cannabis industry entities by providing financial services and industry guidance. Financial products currently on offer for both Mississippi and Alabama-based companies in the cannabis industry include an integrated platform for accounting and funds tracking, online and mobile banking, cash transport, and treasury solutions.
“CannaFirst is specifically designed to help normalize banking products and aid in navigating regulatory compliance in an industry that faces operational challenges that are far from normal,” explained Jeff Trammell, Managing Director of CannaFirst and Chief Operations Officer at parent company Merchants & Marine Bancorp, Inc. “Our customers must navigate a labyrinth of regulations and requirements at state and federal levels that are often out-of-sync, and we believe that our specific expertise in building sound banking organizations serves this market particularly well.”
With the Alabama launch, CannaFirst will expand delivery of its white-glove, compliant financial services products across the state line from Mississippi, with the expectation of taking a market leadership position within the Alabama cannabis industry. “We believe that the industry has tremendous growth potential, and that if you have the operational expertise to properly mitigate risk, our institution and cannabis businesses will both grow sensibly and sustainably,” explained Kia Mallety, Director of Operations at CannaFirst.
Helping cannabis businesses achieve and maintain compliance as they grow is mission-critical in these nascent days for the industry in Mississippi and Alabama. “We are quite eager to put the products in place that will accelerate growth, but we will never conduct business in ways that may damage the industry, our clients, our bank charter, and ultimately, the US financial system,” said Director of Sales Jon Parker.
Source: Company Press Release