Indopedia All Things Marijuana
This summer, PNC Bank closed the accounts of two major cannabis advocacy groups, stating that it “couldn't afford the risk.” Banks have always refused to open accounts for admitted canna-businesses thanks to the continued federal prohibition of marijuana, but advocacy groups have generally been considered safe because they do not directly handle the drug. The PNC closures left advocates concerned that banks across the country were about to take a harder stance against businesses that indirectly dealt with weed.
According to Marijuana Business Daily, so far, it seems like the closures were specific to PNC and not the beginning of a new bank crackdown. The Marijuana Policy Project and NORML, the two organizations who lost their PNC Bank accounts this year, have already found new banks willing to take them on. Separately, Aaron Smith, executive director of the National Cannabis Industry Association (NCIA), said that his group has good relations with a number of banks.
“I think that it’s somebody at a particular bank compliance department that’s overreaching in their interpretation of Department of Justice policy,” Smith said of the PNC closures. “These are…
