Two steps forward, one again
It’s fascinating to distinction differing banking information that hit this week in West Virginia and Florida.
West Virginia Gov. Jim Justice signed a medical marijuana banking invoice that may permit monetary establishments in the state to bid on offering banking providers associated to the state’s MMJ program.
But SunTrust Bank in Tallahassee, Florida, revealed it was closing the account of the Medical Marijuana Business Association of Florida on April 18.
MJBizDaily takeaway: Any strikes to enhance cannabis banking entry are welcome, however brief of federal motion (click on right here for more on that matter), banks will stay leery of taking marijuana enterprise clients, famous Rachel Gillette, head of the cannabis follow at the Greenspoon Marder regulation agency.
SunTrust’s transfer towards the Florida MMJ affiliation “highlights the urgency” of passing a federal banking invoice, Gillette stated.