Medical marijuana dispensaries in New Mexico that have gotten used to the convenience of having a bank account may be in for a rude awakening.
Several credit unions in New Mexico sent notices to roughly half of the state’s MMJ dispensaries, letting them know that their accounts would be closed because they’re “unable to comply with federal guidelines for servicing the accounts,” according to a release issued this week by the Drug Policy Alliance.
The executive director of R. Greenleaf Organics, one of the dispensaries to have its account closed, criticized Wells Fargo for doing business with New Mexico’s medical cannabis program but refusing to deal with dispensaries.
A lack of access to financial services remains one of the biggest hurdles facing the cannabis industry. The situation is improving, though. In August, a federal Treasury Department official said that 105 banks across the country are now working with marijuana companies. The official declined to name the banks, however.