Florida Democrats want to create state bank to help medical marijuana companies

What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state-by-state insights and benchmarks. Get the 2023 Factbook.

The same Florida politician who saw two of her bank accounts closed this year after voicing support for medical cannabis is now spearheading a Democratic push for a state-run bank to service the medical marijuana industry.

Nikki Fried, who is running for Florida agriculture commissioner in the upcoming election, said both account shutdowns were related to her support of medical marijuana.

Now, according to Orlando TV station Fox 35, Fried and other Florida Democrats want to follow North Dakota’s lead and establish a state bank to avoid similar account closures for cannabis businesses.

“We cannot wait for DC to handle this,” Fried told Fox 35. “The reality is, we have no other option.”

Fried’s opponent, Matthew Caldwell, believes the marijuana banking problem should be handled at the federal level. He also said he’s supported legislation by Florida Republicans such as U.S. Rep. Matt Gaetz to reform federal cannabis laws.