Marijuana legalization advocate Cher Neufer queued up at a Cincinnati post office in mid-June expecting to mail a t-shirt to a donor.
Instead, she was met with the message every shopper dreads: card denied.
A few phone calls later, Neufer discovered that PNC had closed the account for the National Organization for the Reform of Marijuana’s Ohio branch without notice, leaving all seven of its regional chapters without access to funds.
Over the next several weeks, Neufer – the organization’s director – approached five banks, including Chase Bank, Huntington and Farmers National Bank, before finding a Wells Fargo branch over two hours from her hometown of Lodi that would accept NORML’s business.
PNC also closed the account of the Washington-based Marijuana Policy Project, another marijuana legalization advocacy group, in June.
“PNC does not comment on customer accounts,” said Diane Zappas, director of corporate reputation. “As a federally regulated financial institution, PNC complies with all applicable federal regulations.
Neufer, who founded the National Organization for the Reform of Marijuana Laws’ Ohio branch in 2001, said she thinks they are afraid of running afoul of the federal government.Since marijuana is classified by the federal government as a schedule one drug, people in the cannabis industry cannot use banks without risking having their assets seized by the government, even in states where medical and recreational cannabis use has been legalized, forcing them to deal entirely in cash. [Read more at Cincinnati.com]
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email.
Notify me of new posts by email.
ONE year on from the formal recognition of the potential for cannabis as a medicine almost 200 global advocacy and civil society groups are backing for calls for greater transparency over emerging new cannabis guidelines. On December 2, last year the United Nations Commission on Narcotic Drugs (CND) rescheduled cannabis recognising its medical properties for…
SAN FRANCISCO (BCN) — San Francisco supervisors on Tuesday unanimously approved an ordinance to suspend the city’s Cannabis Business Tax through the end of next year, in an attempt to curb illegal marijuana sales. According to Supervisor Rafael Mandelman, the legislation’s author, suspending the city business tax through Dec. 31, 2022, would help support legal…
Lawmakers on both sides of the aisle said Wednesday that federal law prohibiting cash-only cannabis businesses from using banks must be changed. Despite recreational marijuana being legal in 18 states and the District of Columbia, it is still classified as a Schedule I narcotic under federal law. Banks that provide services to cannabis companies —…
After years of partisan squabbling over the fate of Florida’s medical marijuana program, Democrats and Republicans are coming together to push what they’re calling a major reform bill. It could make it a lot harder for Floridians to get their hands on delta-8 tetrahydrocannabinol (THC) products. Those smokable and edible products have been part of…