According to a recent poll conducted by Virginia-based Blue Ridge Bank and ENGINE Insights, 74% of Virginians are likely to support federal legislation that loosens restrictions on cannabis banking, and 39 percent of Virginians are likely to use a bank that offers business loans to cannabis businesses versus one that does not.
The poll results included responses from 1,000 Virginia residents between the ages of 25 and 54.“Virginia’s cannabis industry as a whole is still very much in its infancy and has enormous potential to become a major economic driver,” said Brian K. Plum, President and Chief Executive Officer at Blue Ridge Bank.
“It was fascinating to see in the survey results that so many Virginians prefer to work with banks that support this type of business. We believe that cannabis businesses will become major employers throughout the Commonwealth, so we’re trying to stay ahead of demand.”
Blue Ridge Bank has been working with cannabis businesses since 2018.
“Blue Ridge Bank has been there for us since day one,” said Tanner Johnson, CEO of Pure Shenandoah. “In a new, emerging industry, it would’ve been a very hard path without their help.”
Through its subsidiaries and affiliates, Blue Ridge Bank, National Association, provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. Visit mybrb.com to learn more.