A Division of Merchants & Marine Bank Brings Compliant Cannabis Banking to Alabama
PASCAGOULA, Miss.–(BUSINESS WIRE)–CannaFirst Financial, a wholly owned division of Merchants & Marine Bank, announces the launch of its banking and financial services for Medical Cannabis Industry businesses in Alabama.
Since its formation last June, CannaFirst has successfully served the nearby Mississippi cannabis market, facilitating the growth of cultivators, dispensaries, and other cannabis industry entities by providing financial services and industry guidance. Financial products currently on offer for both Mississippi and Alabama-based companies in the cannabis industry include an integrated platform for accounting and funds tracking, online and mobile banking, cash transport, and treasury solutions.
“CannaFirst is specifically designed to help normalize banking products and aid in navigating regulatory compliance in an industry that faces operational challenges that are far from normal,” explained Jeff Trammell, Managing Director of CannaFirst and Chief Operations Officer at parent company Merchants & Marine Bancorp, Inc. “Our customers must navigate a labyrinth of regulations and requirements at state and federal levels that are often out-of-sync, and we believe that our specific expertise in building sound banking organizations serves this market particularly well.”
With the Alabama launch, CannaFirst will expand delivery of its white-glove, compliant financial services products across the state line from Mississippi, with the expectation of taking a market leadership position within the Alabama cannabis industry. “We believe that the industry has tremendous growth potential, and that if you have the operational expertise to properly mitigate risk, our institution and cannabis businesses will both grow sensibly and sustainably,” explained Kia Mallety, Director of Operations at CannaFirst.
Helping cannabis businesses achieve and maintain compliance as they grow is mission-critical in these nascent days for the industry in Mississippi and Alabama. “We are quite eager to put the products in place that will accelerate growth, but we will never conduct business in ways that may damage the industry, our clients, our bank charter, and ultimately, the US financial system,” said Director of Sales Jon Parker.
CannaFirst Financial is proud to serve Alabama businesses like cannabis cultivators and processors, dispensaries, secure transporters, state testing laboratories, and integrated facilities. Learn more about CannaFirst Financial’s services for these eligible businesses at www.cannafirst.com.
About CannaFirst Financial:
Backed by a federally insured bank (Merchants & Marine Bank) with more than 100 years of history and existing operations in Mississippi and Alabama, CannaFirst Financial provides sustained banking services and regulatory guidance to ensure their clients’ businesses continue to thrive. We are composed of dedicated banking professionals who work directly with cannabis business owners and their affiliates. Merchants & Marine Bank is a member of the FDIC and an equal housing lender. For more information about CannaFirst Financial, please visit www.cannafirst.com.
Contacts
For information, contact:
Kia Mallety
Director of Operations
CannaFirst Financial
3118 Pascagoula St.
Pascagoula, MS 39567
T: 1-228-471-4151
E: kia.mallety@cannafirst.com
