Banks Turn Down Money: Legit Marijuana Businesses Find it Difficult to Deposit Money

Banks often refuse to accept money from businesses that are connected to marijuana.  One new local business, a lab seeking to test marijuana for impurities and levels of CBD (cannabanoid associated with health benefits)  as well as THC, repeatedly was turned down when they attempted to open an account by nearly every bank in the area. Reportedly, the banks feared federal retaliation.

Just yesterday, the backers of marijuana legalization in Washington announced that  part of the obstacles they failed to overcome in their bid to put their measure on this fall’s ballot was difficulty in finding banks willing to take online contributions from an organization connected with marijuana.  They were turned down by eight banks. The endorsement of Washington State Democrats was too little, too late to help supporters gather the needed signatures to ensure that the Legalize Marijuana initiative in that state would be on this fall’s ballot.  According to backers, they were still about 40,000 to 50,000 signatures shy of the 241,000 needed by today.

Finding banks willing to take their money is a problem across the country say marijuana businesses. Dispensaries in Colorado recently saw the only bank willing to take their money, Wells Fargo, stop taking on new accounts.  One dispensary owner, Ryan Vincent stated to John Ingold of the Denver Post , “It’s interesting to see that there’s money and no one wants to hold onto it….We’re trying to be a legitimate, above-board industry in Colorado.”

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17 comments

  • Forget the banks; try a credit union.

  • Kym, on another subject: what happened with Reggae Rising yesterday?

    • I’ve heard that credit unions are state insured which allows them more freedom.

      Reggae Rising decisions were put off because of an apparent failure to notify soon enough. John Osburn’s blog The Reporta has a nice piece on it.

  • Kym, on another subject: what happened with Reggae Rising yesterday?

    • I’ve heard that credit unions are state insured which allows them more freedom.

      Reggae Rising decisions were put off because of an apparent failure to notify soon enough. John Osburn’s blog The Reporta has a nice piece on it.

  • About that lab that is testing for impurities, and testing the cannabanoids, THC level etc. … Is anyone testing the strains? It seems to me that a genetic evaluation of some sort (DNA test?) is required in order for the user to know for sure what strain one’s marijuana really is. IE Is the stuff really OGkush or Headband etc.or what? Is anyone testing for what strain?

    • Suzy, that is a good question. I don’t know the answer. Next time I talk with someone doing testing, I’m going to ask.

  • About that lab that is testing for impurities, and testing the cannabanoids, THC level etc. … Is anyone testing the strains? It seems to me that a genetic evaluation of some sort (DNA test?) is required in order for the user to know for sure what strain one’s marijuana really is. IE Is the stuff really OGkush or Headband etc.or what? Is anyone testing for what strain?

    • Suzy, that is a good question. I don’t know the answer. Next time I talk with someone doing testing, I’m going to ask.

  • Suzy I doubt very seriously they would be able to tell the strains apart by genetic testing I can say this with reasonable certainty as there are two very different types of Ponderosa Pine, the Ponderosa and the Jefferson which are identical genetically but have obvious physical differences. One the Jefferson has the largest pine cones than any other Pine by far(over 16 inches in length) The Ponderosa is much larger than the Jefferson and is found all over the western united states. and the Jefferson is found only in high serpentine soils of south western Oregon, and will absolutly not grow outside of this soil as the Ponderosa will not grow in this type of soil. Source: the Plant association guide for the Siskyou bioregion of south western oregon this guide is found on the Forest services website and is free to the public

  • Suzy I doubt very seriously they would be able to tell the strains apart by genetic testing I can say this with reasonable certainty as there are two very different types of Ponderosa Pine, the Ponderosa and the Jefferson which are identical genetically but have obvious physical differences. One the Jefferson has the largest pine cones than any other Pine by far(over 16 inches in length) The Ponderosa is much larger than the Jefferson and is found all over the western united states. and the Jefferson is found only in high serpentine soils of south western Oregon, and will absolutly not grow outside of this soil as the Ponderosa will not grow in this type of soil. Source: the Plant association guide for the Siskyou bioregion of south western oregon this guide is found on the Forest services website and is free to the public

  • Whispering wind

    Speaking of strains, expect some strain in the next few weeks. Anybody in Sohum noticing more helicopter activity than last year already?
    Two separate scanner listeners have confirmed chatter about the use of up to 9 helicopters this summer, a number which suggests a multi-agency operation. Military (National Guard) helicopters have already been seen this year in flight over Redway.
    The DEA has been in Mendocino county and should be here next week and the following week in prelude to a busy fall season.

    • I’m tempted to put this up as a post but I’d need some corroborating evidence (no offense Whispering Wind). Anybody got anything? Mendocino County is supposedly seeing some serious action but I have yet to get some hard facts.

  • Whispering wind

    Speaking of strains, expect some strain in the next few weeks. Anybody in Sohum noticing more helicopter activity than last year already?
    Two separate scanner listeners have confirmed chatter about the use of up to 9 helicopters this summer, a number which suggests a multi-agency operation. Military (National Guard) helicopters have already been seen this year in flight over Redway.
    The DEA has been in Mendocino county and should be here next week and the following week in prelude to a busy fall season.

    • I’m tempted to put this up as a post but I’d need some corroborating evidence (no offense Whispering Wind). Anybody got anything? Mendocino County is supposedly seeing some serious action but I have yet to get some hard facts.

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