How a Florida bank is entering the cannabis market
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.
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