Vermont bankers are venturing into the business opportunity
presented by new cannabis businesses and a loosening of marijuana laws.
David
Silverman, president and CEO of Union
Bank, said his bank has chosen to work with a few companies
producing or selling industrial hemp or cannabidiol, also known as CBD, a
cannabis extract that is used as a remedy for various ailments.
“We have chosen in some cases to bank these folks,” Silverman said Saturday. “We have a very strict due diligence process that we go through to decide whether we want to do that or not. In cases we’ve chosen not to because they couldn’t meet our due diligence criteria.”
