Colorado Banks Wary Of Medical Marijuana Dispensary Accounts
the420times | Feb 02, 2010 | Comments 3
Feb. 2, 2010 — Wells Fargo, one of the few banks willing to take the business of Colorado medical marijuana dispensaries, has stopped opening new accounts for the businesses, highlighting the legal ambiguity of dispensaries: while legal on the state level, they remain illegal at a federal level.
Banks wary of marijuana-dispensary accounts
By John Ingold
The Denver Post
Wells Fargo & Co. — which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business — has stopped opening new accounts for dispensaries.
Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bank’s risk is in working with dispensaries.
Read the full story at Denverpost.com.
Filed Under: Medical Marijuana News
I added my opinion on this subject. I’m really not happy with this decision by Wells Fargo. It really doesn’t surprise me to much, I have a mortgage through them and am not happy at all.
http://awco-co.org/2010/02/senate-bill-109-passes-senate-vote-noose-begins-to-tighten-and-co-patients-feel-the-effects/
Please check it out if you get a sec. Peace
What’s this? Banks controlling every little thing we do?
Shocked I say!
Big Bank would go belly up if not for all the free billion$ Washington DC gave them. This is how they repay potential new customers with no shortage of cashflow?
Insane.
It is stupid they wont take the business. They get a ton of money from the Gov and dont give any out to small business’s now they wont take money from them either.
Hmmmmm, wonder why we are so messed up.