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Home 🌿 Regional 🌿 North America 🌿 United States 🌿 New York’s Financial Elite Break Bad News To Marijuana Businesses 🌿New York’s Financial Elite Break Bad News To Marijuana Businesses
The budding marijuana industry is coming up against some major challenges from the titans of Wall Street, with several major banks saying they will steer clear of providing services to medical cannabis firms.
New York’s financial elite did not cite any policy or moral objections to cannabis. Instead, they explained that the law remains too opaque for them to take the risk of servicing marijuana businesses.
New York has so far licensed five businesses to sell and dispense medical marijuana. Five of the financial industry’s biggest names told Politico New York the services they would refuse to offer included handling deposits. They would also refuse to allow bank issued debit cards to buy marijuana.
The banks included Wells Fargo, PNC Bank, JP Morgan Chase, Key Bank and TD Bank. “While the use of medical marijuana is legal under applicable state laws in some states, the manufacture, distribution, and use of marijuana...
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