Top New York Banks Have No Plans to Work With MMJ

New York’s five medical cannabis business license winners will likely have a tough time finding banking services, much like the rest of the industry.

A handful of major banks in the state – including Wells Fargo, PNC Bank, JP Morgan Chase, TD Bank and Key Bank – told Politico that they have no plans to work with the marijuana industry in New York or anywhere else.

“Until we get clarity from the feds, we are not banking on marijuana-related business,” a spokesman from JP Morgan Chase told Politico.

Other banks echoed the sentiment, saying the lack of clarity is a deal-breaker because they don’t want to risk breaking federal laws in order to work with cannabis companies.

That leaves the five licensees in New York with much fewer options, although many in the industry have long known that chances of obtaining financial services are much higher with smaller banks.

Columbia Care, one of the New York license winners, told Politico that it’s confident it will be able to obtain banking services, including those that allow customers to pay for medical cannabis with ATM or debit cards.

Empire State Health Solutions, another licensee, said it’s currently in the process of finalizing a banking deal. Another company that won a license, PharmaCann, told the outlet that it’s “in discussion” with New York banks on getting financial services.

None of the three companies agreed to identify which banks they’re negotiating with.

One comment on “Top New York Banks Have No Plans to Work With MMJ
  1. Lawrence D. Goodwin on

    The “feds” will never willingly give us “clarity” about their fraudulent legal term “marihuana.” It is abundantly clear to me, at least, that giant corporations and government have been violently suppressing the cannabis industry for almost 80 years. In 1937, under the guise of federal taxation, the U.S. Congress stole from the American people the ability to freely grow cannabis plants. These same plants, as famously written by Thomas Jefferson, are “…of first necessity to the wealth and protection of the country.” Yet, that insidious word, “marihuana,” blanks out by legal means our country’s very heritage. The worst part is that it was spelled by complete idiots, who despised its Mexican creators as much as the Spanish language rule of pronouncing a “j” like an “h”. Anti-immigrant sentiments, irrational paranoia, and pure greed among our nation’s most powerful lawmakers and executives all combined to form the Anti Marihuana Tyranny. They still reign supreme, complete with the full apparatus created by yet more harsh laws enforced by teams of federal, state and local agents. I’d compare this whole dilemma to the United States as a whole being in the last stages of cancer. Americans are in a dire situation and should be standing up and taking cannabis back–for medicine, manufacturing, food and, YES, recreation (forget demanding it, because tyrants do not listen). Modern medical research shows that compounds occurring naturally in seedless, female cannabis flowers may even force cancer cells into apoptosis. That’s exactly what we need to do to the forces still opposing us.

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