Climate First Bank Introduces Tailored Financial Services to Support the Unique Needs of Cannabis Businesses, Promoting Growth and Sustainability in a Rapidly-Expanding Industry

ORLANDO, FL / ACCESSWIRE / December 4, 2024 / Climate First Bank, the nation's first FDIC-insured digital community bank founded to combat the climate crisis, today announced the launch of ethical and compliant cannabis banking services for Florida cannabis-related companies. This new offering aims to support the burgeoning Florida cannabis industry with secure, reliable and affordable financial solutions.

As the cannabis industry continues to grow, businesses face unique challenges in accessing traditional banking services - with both large and community banks declining to support the industry because of the maze of compliance, regulatory rules, and technological needs. Today, only a handful of hundreds of Florida banks currently serve the cannabis industry.

Climate First Bank will fill this gap by providing tailored financial products designed specifically for cannabis-related businesses. The division is led by Lex Ford, Bank President, who spearheaded First Green Bank's cannabis banking platform in 2016. With Ford's leadership and industry knowledge, customers can benefit from the platform through:

• Full Service Digital Banking: Secure and convenient accounts to manage daily transactions from anywhere, at any time, with access to all conventional banking services; and

• Ethical Fee Structure: While other banks charge high fees, Climate First Bank is committed to offering an ethical fee structure that enables cannabis businesses to flourish while remaining compliant and within stringent state regulations.

Lex Ford, Bank President of Climate First Bank, said, "Leading the cannabis banking division at First Green Bank was a pivotal moment that expanded the mission offerings and purpose. This time around, I'm excited to seize the opportunity to support the cannabis industry with renewed enthusiasm and a clear mission. By aligning our banking services with our core values, we can ensure that cannabis companies receive the fair and equitable treatment they deserve. This approach not only strengthens our commitment to social responsibility but also allows us to be at the forefront of an emerging and dynamic market. I'm confident that by embracing this industry, we can foster growth, innovation, and positive change, benefiting both our clients and the broader community."

Climate First Bank's cannabis banking services are rooted in the same commitment to sustainability that defines all its operations. By partnering with cannabis businesses, the bank aims to promote environmentally-responsible practices within the industry. This initiative aligns with Climate First Bank's mission to drive positive environmental impact through every aspect of its business.

Ken LaRoe, CEO of Climate First Bank, said, "When my wife, Dr. Cindy LaRoe, sustained a traumatic brain injury in a cycling accident in 2011, she began using cannabis to help ease her seizures. I saw firsthand the profound impact it had on her quality of life. This personal experience inspired me to launch cannabis banking at First Green Bank. Much of the banking system remains stuck in the past. This reality handcuffs entrepreneurs and the ability of the industry to blossom. Climate First Bank can be part of the solution by delivering ethically-priced, secure financial and payment tools that cannabis-related businesses need. Most importantly, we know the industry and its people."

Climate First Bank is partnering with Green Check Verified, the leading provider of cannabis banking solutions and expert advisory services, to launch its cannabis banking offering. By utilizing Green Check's best-in-class software and services, Climate First Bank will be able to streamline the most time-consuming aspects of cannabis banking compliance and growth, all while ensuring the accuracy and transparency that examiners require.

"We are excited to partner with Climate First Bank as they introduce a cannabis banking program that emphasizes fairness, sustainability, and comprehensive services," said Paul Chesek, Chief Growth Officer at Green Check Verified. "By leveraging our technology platform to ensure seamless compliance, manage portfolios, and uncover growth opportunities, Climate First can continue to focus on delivering customized, ethically-driven solutions to their customers."

For more information about Climate First Bank's cannabis banking services, please visit Climate First Bank's Cannabis Banking Page.

About Climate First Bank

Recognized as the fastest-growing new bank in America since 2009, Climate First Bank is the world's first FDIC-insured, values-based, digital community bank founded to combat the climate crisis. A Certified B Corp, 1% for the Planet member and operationally net-zero since it opened its doors in June 2021, the Bank offers a complete, full-service portfolio of simple and easy-to-use traditional banking products powered by technology to meet the expectations of today's consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits, and infrastructure to help combat the climate crisis. The Bank reports annually on its impact in line with corporate social responsibility goals. Read the most recent Impact Report here. Member FDIC.

For more information, please visit:

Contact Information

John Collins
Collins Strategy Group
john@collinssg.com
(917) 496-4587

Rachel Kent
Marketing Director
rachel.kent@climatefirstbank.com
5186693550

Source: Climate First Bank