Oklahoma banking officials warn banks about serving medical marijuana firms

Oklahoma banking officials are urging financial institutions to be cautious or even stay clear of the state’s nascent medical marijuana industry, dealing a potential setback to MMJ companies hoping to secure accounts with local banks or credit unions.

Oklahoma banking commissioner Mick Thompson told a legislative working group that financial institutions must weigh the dangers of serving the marijuana industry until Congress legalizes MJ or permits states to regulate it, the Oklahoman reported.

He cited Colorado where only a fraction of banks serve the long-established MMJ industry.

Nate Webb, president of the Oklahoma Credit Union Association, was even more blunt: “Until federal guidelines are changed, our guidance is steer clear.”

Oklahoma Bankers Association CEO Roger Beverage said only about 400 of the 6,000-plus federally insured banks in the U.S. offer services to marijuana-related enterprises. Beverage did say he knew of at least one Oklahoma bank that was aggressively offering services to dispensary owners.

2 comments on “Oklahoma banking officials warn banks about serving medical marijuana firms
  1. Michelle on

    It seems so sad to me and others that agree, that there’s no reason for banks not to be braver and start making them feel that they are safe way for these medical marijuana companies to deposit their money and know that their funds will be there when they need them. This is the way of world, and the future to be. The only ones that are causing such a rucksacks are the ones who’s pockets aren’t being filled!! The ones that are going to lose their millions from “Big Pharma” (rightfully so, big pharma has more risks by taking their pills and so called cure all’s and they know it and nothing but progress is going to keep going in this industry. Those that are dead set against the marijuana industry are doing nothing but causing a real need for children and those that need this new wave of what “God” already put here, for our health benefits and more needed that will eventually cure illness that they never thought possible. Again it’s a “Pure & Simple Case of Greed”. Instead of what should be being said and that’s “Thank You God & All the People that make it possible for their children and loved ones to “Not” have to go through unnecessary pain that “Big Pharma Causes”. Example: if your child or loved one could take just a teaspoon of “God’s Medicine” compared to “Big Pharma’s and all their Side Effects that can kill one immediately if your not sure how it can affect one then …there’s No Question! Wake up America “No one has Died from smoking or taking “CBD” at anytime or anywhere . Please wake Up America it’s time to Save Our Children & Loved Ones Over Politicians Promises of What they will “Never” Make happen, except their ‘Pocketbooks Getting Bigger?” Who are you going to save, that unfilled promises of the Politician or Your Loved Ones and Whatever it takes to do so?? Your Choice , cause you have to be the one to live with your decision, not me.

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