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Needham Bank, a TeeHC Open top tier sponsor for the 3rd year in a row, is a Massachusetts-based local bank founded in 1892 with the state’s first cannabis banking program. They offer sophisticated banking services to dispensaries, cultivators, wholesalers, testing labs, and CBD businesses across the United States in a safe, secure, and compliant way, including: 

• Cash management services
• Construction lending
• Commercial real estate mortgages
• Working capital lines of credit
• Term loans
• Standby letters of credit
• Personal deposit and loan accounts for you and your employees

Needham Bank serves any market where cannabis is at least medically legal, making it a pioneer in the cannabis banking industry. As a proud sponsor of the TeeHC Open – for the third year in a row – the Needham Bank team sat down with us to talk about their progress.

What inspired you to start offering banking in cannabis?

“Our program head, Paul Evangelista, wanted to create a program that serviced the cannabis industry,” says the Needham Bank team. Evangelista, the Executive Vice President of Specialized Banking, noticed that cannabis was a legitimate industry that was being severely underserved. 

Being that Needham Bank’s specialized banking center had the functionality to support other high-risk, cash-intensive industries, the team saw no reason why its program could not be opened to the cannabis industry. 

“Through dedication to this pursuit, Paul and our team created the first cannabis banking program in Massachusetts.”

Photo caption: Paul Evangelista speaking at the 2022 TeeHC Open

What helped you grow the most in your first few years of business?

In legal cannabis markets all across the U.S., operators have been desperate for legitimate financial support for their businesses. Knowing how thrilled these clients would be for banking services and support, Needham Bank focused on truly serving the industry – making growth inevitable.

“We dedicated ourselves to the notion of being not only ‘Cannabis Friendly’ but ‘Cannabis Forward’ — with the goal of banking operators of all sizes and composition, giving the industry access to the financial products and services needed to run a business.” 

This thoughtful and knowledgeable approach not only gave Needham Bank a leg up in the cannabis banking game but also earned them a positive reputation and loyalty that speaks volumes in such a niche industry. 

How important is networking to you and your business?

According to the Needham bank team, networking is a crucial component in both increasing knowledge and growing the cannabis banking program. This industry is small and intertwined; most operators in shared states know, or else have heard, of one another—a notion that makes reputation an invaluable piece of the puzzle. 

“Through networking opportunities, we have the opportunity to meet new operators, grow our relationships with existing clients, and meet the vendors that aid our clients in their daily operations.” 

Networking also enables them to stay informed on the ever-changing regulatory landscape, product trends, licensing structures, and so much more. Being able to discuss such topics with operators allows Needham Bank to gauge their target audience’s perspective on the industry—which is an indispensable resource in their quest to remain cannabis-forward and adjust the program to the needs of the client base.

Photo caption: Needham Bank raffle prize recipient at 2024 TeeHC Open

What’s your best piece of advice for other entrepreneurs?

“A great piece of advice for entrepreneurs, specifically within this industry, is to provide a service or product that you yourself would desire and provide it in a manner that you yourself would enjoy. No matter the product or service being introduced into the market, it is always valuable to remain dedicated to the client’s perspective.”

Photo caption: Needham Bank team at the 2022 TeeHC Open

Needham Bank at the 2024 TeeHC Open

Needham Bank and its team members are paving the way in the cannabis banking world, creating significant strides for cannabis businesses and other banks alike. With a genuine focus on helping these high-risk companies, networking events are the bread and butter of their growth – as they can listen, learn, and lend a helping hand to clients in the industry.

“We are most looking forward to socializing with other operators in the industry and getting to catch up with our clients!”

Don’t miss out on the opportunity to learn from Needham Bank, some of the industry-leading financial experts in the industry.