Climate First Bank Introduces Cannabis-Focused Financial Services in Florida

0.9 min readPublished On: December 4th, 2024By HCN News Team

LOS ANGELES- Climate First Bank, headquartered in Orlando, Florida, has introduced specialized banking services tailored for the cannabis industry. This initiative aims to address the financial challenges faced by cannabis businesses, particularly in accessing traditional banking services. The bank’s offerings include deposit accounts, cash management, and lending solutions, all designed to comply with federal and state regulations.

This development reflects a broader trend of financial institutions engaging with the cannabis sector, which continues to expand despite regulatory complexities. Notably, Climate First Bank’s founder, Ken LaRoe, previously established First Green Bank, recognized as Florida’s first financial institution to serve the cannabis industry.

The cannabis industry has historically encountered significant obstacles in securing financial services due to its federal classification. However, recent discussions about rescheduling cannabis from a Schedule I to a Schedule III substance could potentially ease these challenges, facilitating better access to banking services for cannabis businesses.

As the industry evolves, the integration of specialized banking services represents a critical step in addressing longstanding financial barriers, thereby promoting more robust economic development within the sector.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.