NEW YORK, July 24, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Hemp Business provided a $1 million working capital line of credit to RYJO, parent entity of The Georgia Hemp Company, to help finance a major new promotional initiative.
The Georgia Hemp Company currently operates four storefronts in the state of Georgia with locations in Atlanta-Sandy Springs, Woodstock, Decatur, and Duluth. Each sells a host of hemp and related products, including hemp oil, hemp flower, edibles, home goods and skincare.
"RYJO's new working capital financing will support our brand awareness and development," said Ryan Dills, co-owner of The Georgia Hemp Company. "We appreciate First Citizens Bank and its Hemp division for their deep industry knowledge, strong financial capabilities, and commitment to our growth."
"We were delighted to work with The Georgia Hemp Company to understand their needs and support their ongoing operations by providing this line of credit for their working capital needs and growth opportunities," said Ryan Palmquest, director of First Citizens Bank Hemp Business. "I would like to compliment First Citizens Bank lender Angela Parks and business banker Alexi Strish, both of whose efforts were invaluable to the success of this transaction."
Leveraging more than a century of bank experience in financing agriculture, First Citizens Bank's Hemp Business serves the unique needs of the hemp 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., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
About The Georgia Hemp Company
The Georgia Hemp Company is dedicated to delivering the highest quality hemp products and advocating for the growing awareness of hemp and CBD education. Every product sold is carefully vetted for accuracy and quality to meet The Georgia Hemp Company's standard of excellence. It is their commitment to you: only Georgia's finest will do. The Georgia Hemp Company is committed to sustaining the growth of the hemp industry. In doing so, the company prizes engaging their community to generate inventive ideas and expand their offerings.
MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com
SOURCE First Citizens Bank