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Medical Marijuana Business Association Dropped By Suntrust Bank

March 25th, 2019 by Mike Vasilinda

Suntrust Bank is facing some criticism tonight for closing the bank account of the Tallahassee based Florida Medical Marijuana Business Association.

The association was told by letter that the bank is looking out for not only its customers best interests, but the banks as well.

The letter made no mention of marijuana, but founder Jeff Sharkey says there name tells it all.

“We’re trying to find banks that want to get involved. Hopefully congress will do something to eliminate the restrictions at the federal level. But, you know, we got thirty days to find a bank,” said Sharkey.

Marijuana remains a schedule one drug under federal law.

Agriculture Commissioner Nikki Fried, who saw her campaign account closed last year because of donations from marijuana lobbyists calls SunTrusts action a move in the wrong direction.

“As we move forward on cannabis with an expansion of access to medical marijuana and a state hemp program, SunTrust’s policy shift is a move in the wrong direction. A lack of financial services forces all cash operations, which is inefficient and a public safety risk. Businesses can’t operate with irregularities restricting their growth, stability, and ability to pay bills,” said Fried. “Cannabis provides an important medicine and an incredible economic potential for Florida. We should be enacting forward-thinking policies to position our state to become a national leader in the industry.”

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