PNC Bank notified MPP that it would be closing our accounts on July 7. The bank cited federal prohibition and the fact that some of our donors are involved in legal, regulated marijuana businesses as the reason for closing the accounts.
CNN Money reports:
The organization does not deal directly with the sale or distribution of marijuana, Tvert said. But the 22-year-old lobby group does receive money from state-legal marijuana businesses that pay taxes.
Marijuana remains illegal in the eyes of the federal government, though medical marijuana is legal in 29 states and recreational pot is legal in eight states and the District of Columbia. Banks are supposed to adhere to federal law, so many of them shun state-legal marijuana businesses, forcing some of those businesses to deal in cash.
[MPP’s Mason] Tvert said he wonders why a bank would have a problem dealing with an organization that receives money from marijuana businesses when those businesses pay taxes.
“We receive contributions from state regulated marijuana businesses … that are paying taxes,” he said. “Yet we don’t see anyone shutting down the federal government’s bank account or state or local governments’ bank accounts. We have moved so far toward legitimizing this industry yet we are still seeing these kinds of ridiculous situations that need to be addressed.”
MPP has secured alternative banking options and will be moving forward with our efforts to end marijuana prohibition.