You are here
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
Warning message
The subscription service is currently unavailable. Please try again later.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...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.
420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.
Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.
Follow us on Instagram
Connect with us on Linkedin