However, An Audit Of The Organization’s Accounts By Pnc Reportedly Revealed That Mpp Received Some Funding From Businesses In The Marijuana Industry.

If a customer could be engaged in criminal activity, banks are prohibited from doing business with the customer.  MPP doesn’t grow or sell marijuana. However, an audit of the organization’s accounts by PNC reportedly revealed that MPP received some funding from businesses in the marijuana industry. Although these businesses operate in states where marijuana has been legalized, because use and sale of marijuana remains illegal under federal law, PNC apparently decided it could no longer do business with MPP. The organization had been a customer with PNC Bank since it was founded in 1995.  PNC is just one bank. MPP is just one organization. It’s possible that this recent development doesn’t lead to anything further. However, it’s also possible that PNC’s decision is just the first domino to fall in a series of many others. Although many major banks deny that they conduct business with companies in the marijuana industry, research by financial services publication American Banker found otherwise. An analysis revealed that in Massachusetts alone, four major national banks did business with numerous marijuana-related customers. In 2014, the U.S.

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