First Citizens Bank Provides $1 Million Line of Credit to MC Nutraceuticals

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Mar 05, 2024, 09:00 ET

RALEIGH, N.C., March 5, 2024 /PRNewswire/ -- First Citizens Bank today 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.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Member FDIC. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank