Half of New Mexico MMJ Dispensaries to Lose Bank Accounts

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.

4 comments on “Half of New Mexico MMJ Dispensaries to Lose Bank Accounts
  1. Glenn Charles on

    Assuming WW III has started there will be some flak and it’s quite possible Republicans and other conservatives will try to take advantage of that and further restrict freedoms (such as we have, being the nation with the most prisoners, our most proudly-held title; we have upheld it now for centuries).

    Reply
  2. Windy City on

    …I dunno, with all the money that’s at stake it shouldn’t be too hard to start a bank. There are some very big rollers involved now that the industries are becoming legit(it’s not going backwards, folks!)
    Bitcoin, or Potcoin, for that matter, should not be the only alternatives to determine the fate of the MMJ or Industrial Hemp industries. This industry is waaay too bonafide to shimmy and shake now. Nothing left to do but bolster the economy, folks, so let’s join the encroaching movement. It’s here to STAY!…

    1st Marijuana Bank sounds good to me…

    Reply
  3. Ed Lieber on

    A temporary solution to the banking problem would be for some enterprising people in each state to start a state chartered bank that does not deal with the Federal banking system. Similar to what the banking industry looked like in the 1860’s which is where we are in regards to MMJ as a business, the days of the wild west are back.

    Reply
  4. Denny on

    How’d you make the assumption that Republicans are responsible?
    If you do a little digging you’ll quickly see that it’s the current administration driving this issue.
    They talk a good line when in front of a TV camera, but that’s all they’ve done, no follow-on action as they have promised numerous times.

    Reply

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