The Bank of Guam has announced the launch of Cannabis Banking, a program providing banking services for the cannabis industry in Guam and the Commonwealth of the Northern Mariana Islands.
With the launch of Cannabis Banking, the Bank of Guam has become the first local financial institution in the region to serve "all tiers" of cannabis-related businesses, or CRBs, according to a release from the bank.
Tasi Bank, a division of Bank of Guam in California, has been engaged with the cannabis industry for more than five years, the release added.
Starting this month, the Bank of Guam will offer deposit and lending services to CRBs in Guam and Saipan legally licensed to engage in such activities. These businesses are organizations or businesses that grow, process, dispense, administer, or derive income from selling cannabis products.
Read more at postguam.com