Most banks won’t bank hemp-related businesses. At West Town Bank & Trust, we don’t just bank hemp, we embrace it. We’ve built a hemp program uniquely tailored to the challenges of hemp-related businesses. We provide a full suite of commercial banking services and we’re experts on the rules and regulations, so you feel unquestionably safe and secure banking with us.
Simply put, hemp-related businesses bank at West Town Bank & Trust because we know hemp.
If you’re in a hemp-related business, you know there are challenges. At West Town Bank & Trust, we have solutions, so you can feel safe and secure when you bank with us.
Hemp-Related Fundamental Business Requirements:
- Internal Controls – Ability to demonstrate proper department separation and controls (i.e. checks and balances).
- Relevant Documentation – Audited financials performed by a CPA firm or controller (if available) or other relevant documentation (i.e. proformas, business plans, tax returns, etc.).
- Industry Knowledge – Understanding of regulatory requirements, applicable laws and operational risks.
- Safety & Security – Appropriate plans in place and easy access for employees.
- General Best Practices – Follows all applicable State and Federal laws.
Hemp-Related Fundamental Banking Requirements:
- Compliance-Focused – Thoughtfully designed internal policies and procedures.
- Testing, Testing, Testing – Be prepared to share testing procedures, as well as testing samples on a regular basis.
- Disposal Procedures – Remediation procedures are clearly defined and have been tested.
- No MRB Connection – Proof of completely separate ownership and no operational ties to marijuana-related businesses (MRBs).
- General Best Practices – Be organized and prepared to discuss all of the above with a banker!
To start the process of becoming your banking partner, please visit RiskScout.
You’ll be redirected to a safe and secure, easy-to-use portal managed by our partners at RiskScout who assist with initial pre-approval. Create a profile, answer the questions, and sit back and hold tight, someone from our team will reach out within 24 hours regarding next steps.