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.”