Big NY Banks Tell Licensed Medical Marijuana Firms To Take a Hike

Some of the major federally regulated banks in New York have no plans to do business with the medical marijuana companies that were awarded licenses to grow and distribute the drug.

That means the banks will not accept deposits from the companies and will not allow bank-issued debit cards to be used to purchase the drug.

“While the use of medical marijuana is legal under applicable state laws in some states, the manufacture, distribution, and use of marijuana is still illegal under federal law," a spokesman for Wells Fargo said. "Our policy of not banking marijuana-related businesses is based on applicable federal laws."

NEW YORK: Some of the major federally regulated banks in New York have no plans to do business with the medical marijuana companies that were awarded licenses to grow and distribute the drug.

That means the banks will not accept deposits from the companies and will not allow bank-issued debit cards to be used to purchase the drug.

“While the use of medical marijuana is legal under applicable state laws in some states, the manufacture, distribution, and use of marijuana is still illegal under federal law,” a spokesman for Wells Fargo said. “Our policy of not banking marijuana-related businesses is based on applicable federal laws.”

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