Two steps forward, one back
It’s interesting to contrast differing banking news that hit this week in West Virginia and Florida.
West Virginia Gov. Jim Justice signed a medical marijuana banking bill that will allow financial institutions in the state to bid on providing banking services related 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 moves to improve cannabis banking access are welcome, but short of federal action (click here for more on that topic), banks will remain leery of taking marijuana business customers, noted Rachel Gillette, head of the cannabis practice at the Greenspoon Marder law firm.
SunTrust’s move against the Florida MMJ association “highlights the urgency” of passing a federal banking bill, Gillette said.