Survey Finds Oregon Residents Support Banks Working With Marijuana Industry
A study released this week shows that Oregon residents, by an overwhelming majority, feel working with the marijuana industry does not damage the reputation of financial institutions. The survey also indicates banks and credit unions might enhance their standing and attract new customers in Oregon by working with the cannabis industry.
The survey, conducted by LT Public Relations (LTPR) and DHM Research, suggests financial institutions could bolster their image by making loans to marijuana businesses in Oregon. LTPR works with financial, healthcare and professional services organizations. DHM is an opinion research company. Both are based in Portland, Ore.
Because federal law designates marijuana as an illegal drug, many banks have refused to give business loans or issue credit to cannabis businesses. But another concern, according to the report, is “reputational risk” -- the damage working with marijuana companies could do to the bank’s standing among other customers.
The report found those fears are...
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