PNC Bank shuts down Marijuana Policy Project’s accounts

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.

The Pittsburgh-based bank told MPP Chief Financial Officer Nick Field in May it planned to close the accounts July 7, The Washington Post reported. The reason: An account audit showed that MPP received funding from plant-touching businesses.

“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.”

10 comments on “PNC Bank shuts down Marijuana Policy Project’s accounts
  1. Mike McKenzie on

    Federal tyranny will fuel a wave of revolt, starting on the left coast and heading east. It’s gonna be a long summer.

    Reply
  2. Relentless gardens on

    It’s always darkest before dawn, but this is just too much! I hate seeing the best in the industry take these hits! What’s next taking the Ncia’s accounts?! This country needs this industry more than ever. We’re not just making money, we’re saving lifes and making life better for millions of people. Every year working towards legalization I think it can’t get harder or worse and every year I’m wrong!

    Reply
  3. Pissed OFF on

    When are they going to shut down the bank accounts of the counties and states they are getting MILLIONS of $$$$ from plant touching businesses? All that money isn’t being stored in the mattresses of the governor etc. Why are they able to bank they money and use it as they please?

    Reply
  4. Mark Richards on

    The issues pertaining to tainted funds and hypocritical elements thereof are quite valid and should be dealt with legally. Instead of the ganjapreneurs wasting time and money with their ineffective lobbyists ( I have spent plenty of time in government relations and have forgotten more than these charlatans know) they really should be amassing a strategic, coordinated full legal onslaught to amplify these issues. Redirect those lobbying dollars towards litigation, when you make these entities spend money and time it catches the attention of the Chief Executive Morons that run the show.

    Reply
  5. E Watkins on

    Is PNC connected in some way to Wells Fargo? Wells Fargo closed all our personal & business credit cards, and is closing all our other accounts including the safe deposit box. The notices on the business credits cards said their policies exclude loaning money to certain types of businesses. None of these accounts are for our MJ license, which has not sold so much as a speck of product, due to city zoning issues.

    Reply
  6. They are the crooks on

    Ironic that nearly all of the money directly touches cocaine…PNC literally sticking their noses up at cannabis.

    Reply
  7. Mike Hawk on

    If the MPP can have its bank accounts shut down because some funding came from plant-touching businesses, shouldn’t they go after the real estate agents, the lawyers, the accountants, the electricians, carpenters, HVAC companies, the internet service providers, packaging wholesalers, branding consultants, and every government agency that has been paid for their services by a plant-touching business? This ripples so far out into the economy and EVERYONE has benefited from the mission and work of the MPP. I hope they or anyone else with a platform will call to organize in an effort to save this industry and defeat this administration’s attempts.

    Reply

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