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Marijuana Banking Still an Issue

March 28th, 2019 by Mike Vasilinda

After we reported that Sun Trust was closing the bank account of the Medical Marijuana Business Association earlier this week, which was criticized by the Commissioner of Agriculture as being wrong, the banking giant has reached out to association founder Jeff Sharkey, who says he and the bank are talking.

“As an association, you know, we receive funds from a number of different entities. Physicians groups, non profits. We’re not selling marijuana. I think their real concern is with licensees whoa re actually dealing with the product, plants. So, we’ve had some preliminary conversations and I appreciate them reaching out” says Sharkey.

Banks are reluctant to handle any accounts associated with marijuana because it is still illegal under federal law. While the two are talking, the association hasn’t stopped looking for another bank, yet.

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