Bank of Guam comes to the aid of local cannabis industry

The Bank of Guam has announced the launching of  “Cannabis Banking”, an initiative that will allow local cannabis entrepreneurs to access funding for all three tiers of cannabis related activity.

In the press release following this great announcement, Bank of Guam president and CEO Joaquin L.G. Cook said the following :

“It has always been the mission of our founder to serve the underserved and to provide access to safe and secure banking services to our communities. This now includes our cannabis-related businesses. As your partner in growth, we are committed to extending our expertise as trusted financial advisers to this new industry and to allow our local cannabis-related businesses who follow the process and play by the rules, a fair chance to succeed”

According to the Guam Daily Post, the criteria established by the prestigious Pacific bank is accessible to a wide array of actors within the legal cannabis industry: both plant-touching and ancillary cannabis businesses can get loans and other financial services sanctioned, including CBD businesses, pharmaceutical manufacturers, marijuana testing facilities and hydroponics suppliers. The banks’ services also extend to Saipan, the largest U.S. overseas territory within the Mariana Islands archipelago.

Although it doesn’t ring too many bells for the average cannabis magnate in neither Europe nor North America, the Bank of Guam has been an active help for the cannabis scene in California for at least five years through TASI Bank, its smaller division based in San Francisco. This up-to-now obscure financial institution has also embarked on a new venture with Green Check Verified, a cannabis banking company with multiple headquarters in the US mainland.

Whatever Joaquin Cooks’ future objectives are regarding cannabis banking, one thing is certain: in the following years, Bank of Guams’ unique financial services in the area could lead to a prosperous medical and adult-use cannabis market in the American Pacific, a place where there’s still plenty of room for both newcomers and expansionists.

Image by Freepik

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