American Banker Provides Financial And Banking News Aimed Primarily At Banking Executives.

Medical marijuana is not right for everyone. However, its positive results for those with debilitating conditions, including veterans and children threatened by seizures, are undeniable, Frerichs said in the statement. Updating our banking laws to embrace commonsense change will allow Illinois to properly manage this reasonable program, guarantee uninterrupted access to medical users, and protect financial institutions that serve the industry. Big banks already work with marijuana businesses. Meanwhile, a survey of financial papers filed in Massachusetts shows that big banks are working with some cannabis companies, at least those applying to sell medical marijuana in Massachusetts. However, its not clear if this was a mistake on the part of the banks. Related: 4 Cannabis Business Ideas from the Frontier of the Legal Weed Industry The review, done by Chicago-based MRB Monitor for American Banker , found that 29 of the 84 applicants who filed financial papers to open a medical marijuana dispensary in Massachusetts had accounts with either Bank of America, Wells Fargo, Citi or JP Morgan Chase.Of those 29, 17 had accounts with Bank of America. MRB Monitor provides advice to banks about working with the cannabis industry. American Banker provides financial and banking news aimed primarily at banking executives. Cannabis and banking.

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