How Cogent Bank is entering the cannabis market - Jacksonville Business Journal

Cogent Bank had been watching the cannabis market for years before it decided to enter.

While not lending directly to cannabis companies, Cogent has been allowing cannabis companies to make deposits with Cogent, and has also been lending to the companies involved in the building of facilities, such as strip centers, where dispensaries will be located in the future. They’re also beginning to look at making loans on processing facilities.

Beyond that, Cogent hasn’t been lending on the raw material, as the last thing it would want is to end up with the product itself. As of June 30, 2021, Cogent Bank had $692.6 million in deposits, $97.8 million of which were First Coast deposits.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jersey City man charged with making death threats to former investment bank co-workersThe 31-year-old, who authorities say was fired for violating the bank’s code of conduct, is facing five years in prison and a $250,000 fine.
Source: njdotcom - 🏆 282. / 63 Read more »