Banks Deny Accounts to Marijuana Dispensary Owners
In Colorado, it has been really hard for dispensary owners to get and keep a bank account. They don't want the business, fearing the tension between between state and federal law with federal law declaring all marijuana is illegal.
Wells Fargo was about the only one to buck the trend. According to the Denver Post, that's now changing. While it stopped accepting new accounts a while ago, this week it sent out letters to existing customers with dispensary businesses saying they needed to find another bank as it would be closing their accounts as well.
"It's based really on the complex and inconsistent legal environment across the country related to medical-marijuana dispensaries," said Wells Fargo spokeswoman Cristie Drumm.
Unless something is done, this will force the dispensaries to operate cash-only businesses, which is what states like Colorado, which have spent months drafting regulations for the businesses, are trying to avoid.[More...]
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