PNC Bank – the sixth-largest financial institution in the United States – has closed Marijuana Policy Project’s accounts, a move that underscores worries the Trump administration will try to interfere with state-licensed medical and recreational cannabis programs.
The move is especially noteworthy because non-plant-touching cannabis organizations like MPP – which is a nonprofit cannabis advocacy group – have generally had an easier time opening bank accounts.
“They told me it is too risky. The bank can’t assume the risk,” Field told the newspaper.
MPP opened its PNC account in 1995, according to the Post.
A spokeswoman for the bank – which controlled nearly $358 billion in assets through February – told the newspaper that, “as a federally regulated financial institution, PNC complies with all applicable federal laws and regulations.”