Despite the known banking challenges facing cannabis-industry companies, LSU requires its growing partner to be backed by a financial institution. Similarly, the Louisiana Board of Pharmacy required that applicants vying for the state’s nine medical marijuana pharmacy permits be serviced from a Louisiana-headquartered bank.
Ashley Mullens, LSU AgCenter’s medical marijuana program coordinator, says early in the program’s development, the AgCenter met with LSU’s internal accounting division for guidance because the university banks with a federally chartered bank. Through the bid process with growing vendors, the AgCenter required a documented relationship with a Louisiana-chartered bank.
GB Sciences, the company LSU chose, had a relationship with Avoyelles Parish-based Cottonport Bank, so the school also chose Cottonport for its new account.
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