If you own a marijuana business, chances are you do not have a bank account. And if you do have a bank account, there is a good chance that your account could be shutdown at anytime if it is determined that you grow, process, or sell cannabis. The feds have issued ‘clarifications’ that were supposed to help businesses in the marijuana industry gain banking access, but in reality those clarifications just added to the confusion. Banks don’t want to operate in grey areas, so rather than even deal with it, most just have a standing policy to not work with marijuana businesses.

The five medical marijuana companies in New York are learning the hard way just how harsh banks are towards the industry. Per Marijuana Business Daily:

A handful of major banks in the state – including Wells Fargo, PNC Bank, JP Morgan Chase, TD Bank and Key Bank – told Politico that they have no plans to work with the marijuana industry in New York or anywhere else.

“Until we get clarity from the feds, we are not banking on marijuana-related business,” a spokesman from JP Morgan Chase told Politico.

Other banks echoed the sentiment, saying the lack of clarity is...........http://www.theweedblog.com/new-york-banks-we-will-not-work-with-the-medical-marijuana-industry/

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