The Orlando-based bank, which opened its first South Florida branch in Fort Lauderdale last year, says it’s the only Florida-based financial institution that is willing to serve the fast-growing medical marijuana business.
First Green’s corporate officers know the bank is treading where few others dare to go, in Florida or elsewhere. That’s because although marijuana is now legal for medical use in 29 states and for recreational use in eight states, the drug remains illegal under federal law.
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First Green’s competitors remain on the sidelines, industry experts say. They are either concerned about the potential that the Trump Administration’s Justice Department might pursue prosecutions and asset seizures, or unwilling to endure the costs of complying with disclosure reports required during the Obama Administration.
