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Invisibleveggie

Registered: 07/26/04
Posts: 13,985
Loc: Flag
Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO]
    #11940589 - 02/01/10 09:45 AM (4 years, 8 months ago)

I didn't think a bank could refuse to take money from a legally operated business ...

Banks wary of marijuana-dispensary accounts
February 1, 2010 - Denver Post

Wells Fargo & Co. — which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business — has stopped opening new accounts for dispensaries.

Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bank's risk is in working with dispensaries.

"We're not actively opening accounts with these businesses at this time," she said.

The move reflects a broader uneasiness among banks in the state about working with the medical-marijuana industry, and it marks one more cloud hovering over dispensaries. Though Drumm said she was unsure whether the bank would also re-evaluate its existing dispensary accounts, news of Wells Fargo's change in attitude has dispensary owners worried they might lose a key ally in their business plans.

"We wouldn't have a bank to put our money in," said Ryan Vincent, who owns The Health Center in Denver. "I don't know what we would do. We'd probably have to start rallying to put together a credit union."

Vincent said every dispensary he knows of uses Wells Fargo as its bank, largely because the industry has received a cold shoulder from other financial institutions. While Vincent said he understands the bank's need to do what's best for its business, he said shutting out dispensaries would deprive the bank of needed customers and deprive dispensaries of needed stability, possibly forcing them to operate in shadowy, cash-heavy ways.

"It's interesting to see that there's money and no one wants to hold onto it," Vincent said. "We're trying to be a legitimate, above-board industry in Colorado."

Tim Powers, a spokesman for the Colorado Bankers Association, agreed that it's unusual for banks to turn away potential customers, but he said legal and regulatory considerations have made many banks uncomfortable working with dispensaries. Federal law requires that banks not do business with companies operating illegally, and marijuana distribution — for medical purposes or not — is still illegal federally.

"Regulators are basically saying, 'Approach this with caution. There could be problems,' " Powers said. "Because of that, a lot of banks are taking the ultra-conservative approach."

"There's just lots of unknowns in this new emerging field of business."

That's true for dispensaries as well as banks.

"We wake up every morning with a new thing thrown at us," Vincent said.


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OfflineCosmicLion
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Registered: 03/04/09
Posts: 763
Last seen: 18 days, 23 hours
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: veggie]
    #11940707 - 02/01/10 10:26 AM (4 years, 8 months ago)

:thumbdown:  Wells Fargo  :sad:

Whats the worst that could happen? The Feds tell you to close accounts of all dispensaries?

Oh well, you close some business accounts. It would be a slap on the wrist.

On the other hand? Being THE reliable bank for all of Colorado's booming dispensary industry? They didn't think this one out logically. Clearly social stigma had more to play on this then actual fear of the Feds.

It's a shame to see a big business not ultimately meet the bottom line with what would be profitable for them & good for their local economy. Win win situation!

The feds are loosing their power and its companies like Wells Fargo that have the money to help the fight. We need places like that to hold strong to their financial beliefs, not cave to social pressure.

Hopefully a new local "green" bank will pop up and fill the gap. They can take all their money from pot-loan profits and make something good for themselves and the local people.

Quote:

veggie said:
"We wake up every morning with a new thing thrown at us," Vincent said.




Like a BANK no longer taking MONEY? :mad:


--------------------
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Offlineronjohn7779
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Registered: 10/28/08
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: CosmicLion]
    #11940789 - 02/01/10 10:49 AM (4 years, 8 months ago)

Worst case they have to use safe deposit boxes in banks for money storage and they have to use a new separate personal checking account.  It's kind of silly for a bank to refuse money...they kind of need all the money they can get in this economy.


--------------------
"Lennox Lewis, I'm coming for you man. My style is impetuous. My defense is impregnable, and I'm just ferocious. I want your heart. I want to eat his children. Praise be to Allah!" An American Hero Iron Mike!


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Offlinewinterone
Earth Wanderer


Registered: 11/08/09
Posts: 230
Last seen: 3 years, 8 months
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: ronjohn7779]
    #11940990 - 02/01/10 11:44 AM (4 years, 8 months ago)

It is clear that there are a lot of conservative attitudes that need routing out and hearts and minds that need changing.  While money talks there are still a lot of people that need to be voted out of office and propaganda to be disproved. The opposition is not going to go away easily. A major effort now needs to be done on the federal level and federal laws need to be changed before you will be able to defuse the minds of conservative haters.
Some one should catch
Rush smoking a joint on tape and release it with his endorsement  :gethigh:


--------------------
Alice
I wonder if I've been changed in the night? Let me think. Was I the same when I got up this morning? I almost think I can remember feeling a little different. But if I'm not the same, the next question is 'Who in the world am I?' Ah, that's the great puzzle!


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OfflineMaverick
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: winterone]
    #11941317 - 02/01/10 12:52 PM (4 years, 8 months ago)

Time to change my bank service.


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OfflineShantiSadhu
Urban Shaman
Male


Registered: 01/01/10
Posts: 68
Loc: Oregon, U.S.A.
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: Maverick]
    #11941684 - 02/01/10 02:09 PM (4 years, 8 months ago)

Great! We didn't want those greedy bankers stealing our money anyway.
They will accept money from politicians but not farmers? :facepalm:

:baggy: LET THE POTHEADS OPEN A CREDIT UNION! :baggy:


--------------------

Salvia Divinorum | Cacti & Succulents


Edited by ShantiSadhu (02/01/10 02:11 PM)


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OfflineRoosterCogburn
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Registered: 08/25/06
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: ronjohn7779]
    #11941713 - 02/01/10 02:14 PM (4 years, 8 months ago)

Quote:

ronjohn7779 said:
Worst case they have to use safe deposit boxes in banks for money storage




:lol:

That's just a teeny tiny bit illegal.


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InvisibleBlindSophist
20/20 Wisdom Provider
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Registered: 07/11/06
Posts: 32,223
Loc: SF Bay Area
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: RoosterCogburn]
    #11941941 - 02/01/10 02:59 PM (4 years, 8 months ago)

Good riddance, Wells Fargo is fucking worthless. Let them forego profits all they like, I'll just sit here and giggle at them.


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Invisiblemycoprog
Killin' egos
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Registered: 01/12/06
Posts: 417
Loc: N. America
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: Maverick]
    #11942349 - 02/01/10 04:25 PM (4 years, 8 months ago)

Quote:

DRTMaverick said:
Time to change my bank service.





same! fuck that!


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OfflineDreamsofPeace89

Registered: 11/25/09
Posts: 104
Loc: In Between
Last seen: 8 months, 23 days
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: mycoprog]
    #11942625 - 02/01/10 05:10 PM (4 years, 8 months ago)

wow.. :thumbdown:


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Invisiblenooneman
Stranger
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Registered: 04/25/09
Posts: 6,617
Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: DreamsofPeace89]
    #11942877 - 02/01/10 05:53 PM (4 years, 8 months ago)

Is this only in colorado? What about other states? It'll just hurt Wells Fargo, dispensaries are known to make millions in very short periods of time. Like in a month.


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Offlineronjohn7779
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Registered: 10/28/08
Posts: 1,373
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: RoosterCogburn]
    #11944204 - 02/01/10 09:19 PM (4 years, 8 months ago)

Quote:

RoosterCogburn said:
Quote:

ronjohn7779 said:
Worst case they have to use safe deposit boxes in banks for money storage




:lol:

That's just a teeny tiny bit illegal.



I don't think it is. As long as the paper work is well documented and you have a legit paper trail saying what is going into the account you should be fine. It's risky sure (people can sue you for your personal assets and you show a shit ton of extra wealth), but if you really needed to do it I guess you could.

You obviously don't want this money mixing in with your personal savings. Hell an even better idea would be to start another LLC that "manages" the dispensaries money and have the bank do business with this shell company. Lots of companies do shit like that. The bottom line is that if you want to be creative enough you can have a perfectly legal remedy to this situation.

Also storing money in a safe deposit box isn't illegal. It's no more illegal than storing your cash in a safe at home.


--------------------
"Lennox Lewis, I'm coming for you man. My style is impetuous. My defense is impregnable, and I'm just ferocious. I want your heart. I want to eat his children. Praise be to Allah!" An American Hero Iron Mike!


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OfflineRoosterCogburn
Fearless,one-eyed U.S.Marshall
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Re: Wells Fargo Bank stops doing business with medical marijuana dispensaries [CO] [Re: ronjohn7779]
    #11944828 - 02/01/10 11:19 PM (4 years, 8 months ago)

My bad... I just think like a bad guy. :lol:


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