Oregon Banks Reject Marijuana Money | The Columbian

We took the comments by Senator Wyden to heart. Don Morse, director of the Oregon Cannabis Business Council and owner of the Human Collective marijuana dispensary, said hes had five credit cards discontinued because of his business. He cant remember the number of times his checking accounts have been shut down. Norris Monson, CEO of several Oregon-based marijuana businesses, said hes had accounts closed for cashing checks from vendors with names including cannabis-related terms. Morse said banks havent disclosed why they closed his accounts. Its always like, You know why were shutting you down, he said. Bank of America and Wells Fargo are some of the banks he said have closed accounts of OCBC members. Bank of America did not return phone calls, but submitted a statement: At Bank of America, as a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses. Wells Fargo also submitted a statement: The sale of marijuana is still illegal at the federal level and as a result, we do not bank marijuana businesses. When asked if pot-related accounts would be closed, Wells Fargo spokeswoman Lara Underhill said if bank policy isnt being followed, they act accordingly. With the much-needed service Maps is offering, why is the credit union so secretive? Its such a weird place to be, Saunders said. Normally youd love word of mouth. This is one area where were not necessarily interested in banking every dispensary in Oregon. There are 334 dispensaries registered in Oregon.

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