NEVADA: John Sullivan is the medical-marijuana banking king of Las Vegas, having signed dozens of planned dispensaries, grow-houses and other pot entrepreneurs as clients.
That’s far more than other lenders in town. In fact, Sullivan appears to be the only one doing it.
The president and CEO of First Security Bank of Nevada has embraced medical marijuana as a new line of business. Attorneys, insurance brokers, landlords and other white-collar types have done the same, but with the industry stuck in legal limbo, many executives are steering clear.
In fact, service providers crucial to any industry are giving marijuana investors a mixed response in Las Vegas. Some are eager for them and the revenue they’d bring, but many others, especially national companies with local offices, are staying away.