West Town Bank & Trust launched its dedicated cannabis banking program. The program provides the cannabis industry with secure, convenient, and modern financial tools, enabling businesses to operate more efficiently and reduce the risks associated with operating a cash-intensive business.
Due to federal regulations, cannabis businesses currently have difficulties accessing reliable financial products, forcing many businesses to operate without bank accounts or electronic payments. Others go to third-party intermediaries who partner with FDIC-insured banks behind closed doors. The lack of dependable financial services stunts the industry's potential for growth, profitability, and increased consumer trust.
