First Citizens Bank funds The Georgia Hemp Company's growth with a $1 million credit line, propelling the hemp industry forward.
Corporate Finance

First Citizens Bank Funds The Georgia Hemp Company

In a move to support the expansion and development of The Georgia Hemp Company, First Citizens Bank has announced the provision of a $1 million working capital line of credit to RYJO, the parent entity of The Georgia Hemp Company. The financing is intended to facilitate a major new promotional initiative that aims to boost brand awareness and further propel the growth of the hemp industry.

The Georgia Hemp Company, which currently operates four storefronts in the state of Georgia, has established itself as a prominent player in the hemp market. With locations in Atlanta-Sandy Springs, Woodstock, Decatur, and Duluth, the company offers a diverse range of hemp and related products, including hemp oil, hemp flower, edibles, home goods, and skincare items.

Ryan Dills, co-owner of The Georgia Hemp Company, expressed gratitude towards First Citizens Bank and its Hemp division for their support. He acknowledged the bank’s deep industry knowledge, robust financial capabilities, and unwavering commitment to its growth. The financial backing from First Citizens Bank is expected to provide the necessary resources to enhance brand visibility and accelerate the company’s development.

Ryan Palmquest, the director of First Citizens Bank Hemp Business, praised the collaboration with The Georgia Hemp Company, emphasizing the importance of understanding their needs and providing assistance for their ongoing operations and growth opportunities. He also credited the efforts of First Citizens Bank lender Angela Parks and business banker Alexi Strish, whose contributions were instrumental in ensuring the success of the transaction.

As a bank with more than a century of experience in financing agriculture, First Citizens Bank’s Hemp Business is uniquely positioned to cater to the specific requirements of the hemp industry. Leveraging its financial expertise, the bank enables hemp businesses to prosper while effectively navigating the complexities of the current regulatory environment.

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank boasts a legacy of strength, stability, and long-term thinking that spans generations. The bank serves a diverse clientele, including personal, business, commercial, and wealth clients, providing an array of general banking services through a network of over 550 branches across 23 states. Moreover, the bank offers commercial banking expertise with top-notch lending, leasing, and other financial services nationwide. As a testament to its financial standing, the parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), ranks among the top 20 U.S. financial institutions, with assets exceeding $200 billion.

The Georgia Hemp Company is committed to delivering the highest quality hemp products while advocating for hemp and CBD education. The company ensures that every product it sells meets its standard of excellence through meticulous vetting for accuracy and quality. With a strong dedication to sustainability and growth within the hemp industry, The Georgia Hemp Company actively engages its community to foster innovative ideas and expand its product offerings.

The partnership between First Citizens Bank and The Georgia Hemp Company highlights the increasing acceptance and recognition of the hemp industry’s potential in the financial sector. As regulations continue to evolve, financial institutions like First Citizens Bank are playing a crucial role in supporting the growth of hemp businesses by providing tailored financial solutions and expertise. With the backing of First Citizens Bank’s working capital line of credit, The Georgia Hemp Company is poised to strengthen its market presence, develop new initiatives, and contribute further to the advancement of the hemp industry in Georgia and beyond. As consumer awareness of hemp and CBD products continues to grow, strategic collaborations like this one are likely to shape the future of the hemp market, bringing economic opportunities and innovative products to consumers while upholding rigorous quality standards.

Image provided by First Citizens Bank

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