He wasn’t smoking it. He didn’t even touch the stuff.
Yet pot still got the Cleveland entrepreneur kicked out of his bank.
The man operated a company providing a supporting service to cannabis farmers and ancillary businesses. His bank eventually connected the dots, realizing (partly because of the business’ name) he was working with marijuana-based companies.
Despite decades with the same bank, when his ties to the cannabis industry were discovered, his business accounts were closed. His personal ones came next, said Walter | Haverfield LLP attorney Kevin Murphy.
Murphy, who provides legal counsel to the businessman, said the individual prefers to remain unidentified.
“All his accounts got flagged,” Murphy said. “Think about all the transactions that are set up on a wire. All that stuff had to be recreated after 40 years. It’s definitely not easy when your bank cuts you off like that.”
If marijuana is legalized in Ohio, which could happen this fall through Issue 3, those issues will become even more common here — unless federal laws are changed. [Read more at Crain’s Cleveland Business]
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