MBank, the only bank in Oregon offering checking accounts to marijuana businesses, is closing all its weed accounts in the next two months.
The Gresham-based bank will close the roughly 75 accounts it has opened for marijuana growers and sellers and other pot businesses, MBank president and CEO Jef Baker tells WW.
“The rumor’s true,” Baker says. “We are shutting down the program over a couple-month period. It just ultimately boils down that as a small community bank, we do not have the resources to manage the compliance needed for this industry. We thought we could, but we can’t.”
Baker says MBank, which has $165 million in assets, is “not big enough” to deal with government regulations created by handling weed money. He described the decision as being “the cost, but not in dollars.” [Read more at Willamette Week]