One Of America's Biggest Banks Spearheads Cannabis Support With $1M Credit Line
Portfolio Pulse from Jelena Martinovic
First Citizens Bank (NYSE:FCNCA), not BAC as hinted, has provided a $1 million working capital line of credit to MC Nutraceuticals, a global supplier of hemp-derived cannabinoids, marking its entry into the cannabis market. This move by one of America's largest banks, with over $200 billion in assets, signifies a major step towards mainstream financial acceptance of the cannabis sector. MC Nutraceuticals plans to use the credit to support its growth and expand its e-commerce distribution of hemp products globally.
March 05, 2024 | 7:06 pm
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First Citizens Bank's entry into the cannabis market with a $1 million credit line to MC Nutraceuticals highlights its pioneering role in supporting the cannabis sector financially.
First Citizens Bank's decision to provide a substantial credit line to a cannabis-related business could be seen as a positive signal by investors, indicating the bank's innovative approach and potential for growth in a new market. This move might attract positive attention to FCNCA, potentially boosting its stock price in the short term.
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