Late last year, Wells Fargo officials notified the building’s landlord, Brian Horner, that they were planning to call in his loan because he was renting to a canna-business. Horner reportedly attempted to find an alternative lender, but these attempts also failed due to his financial association with the legal marijuana sector. In the end, Horner had no choice but to evict Steep Hill or lose his property. Brandon Emmett, a member of the state’s Marijuana Control Board, believes that the state will be able to weather the hardship, however.
Business owners are not the only ones suffering at the hands of the government’s cannabis banking laws. Summitri.org/” target=” blank”>Summit Compassion Center, a state-legal medical marijuana dispensary, was pre-approved for a home loan, but in January, Guardarrama was told that his final application was denied due to his choice of employment.
Christine Hunsinger, Assistant Deputy Director for Policy and Research for Rhode Island Housing, said that federal housing guidelines cause problems for state-legal medical cannabis employees. “FHA will not purchase or invest in a loan where the borrower is employed by or receives compensation related to the marijuana industry.