First Citizens Bank announced that its Cannabis Banking business provided a $1 million working capital line of credit to MC Nutraceuticals, one of the largest global suppliers of hemp-derived cannabinoids.
 
Founded in 2019, MC Nutraceuticals uses ecommerce to distribute 42 hemp-derived products to a diverse client base across the U.S. and internationally. Their product line includes Delta 8, CBD, CBG, CBC, CBN, THCv and other hemp derivatives.

"We enjoyed working with First Citizens Bank for their expertise and knowledge throughout the financing process," said Bret Worley, CEO of MC Nutraceuticals. "This line of credit provides additional flexibility to execute on our strategic goals during a period of significant growth for our business."

"MC Nutraceuticals has a strong reputation in the hemp industry for providing quality products, professional service and affordable pricing," said Ryan Palmquest, director of Cannabis Banking at First Citizens Bank. "We're pleased to provide this financing to support their rapidly growing business and look forward to working with them in their future business endeavors."

Leveraging more than a century of bank experience in financing agriculture, First Citizens Bank's Cannabis Banking business serves the unique needs of the cannabis industry with the financial expertise necessary to grow and prosper while successfully navigating the complex nuances of the current regulatory environment.