Monday, August 9, 2010

More medical money woes

Posted By on Mon, Aug 9, 2010 at 12:45 PM

Yesterday, the Denver Post visited the much-covered issue of banks vs. medical marijuana. (See our stories on TCF Bank bouncing center owners; a man suing CSPD over cash seized in transport; and Rep. Jared Polis requesting banks not target those in the industry.)

Some interesting notes in the Post's story:

Wells Fargo & Co., which stopped accepting new dispensary accounts months ago but continued to have a number of pre-existing dispensary accounts, last week began sending out letters to those dispensary owners telling them they have until Oct. 4 to close their accounts.

Tim Powers — a spokesman for the Colorado Bankers Association — said the association plans to ask federal regulators for clarification.
• State Sen. Chris Romer, a Denver Democrat who sponsored the new dispensary rules at the legislature this year, said if dispensaries have to conduct all their transactions in cash, it will make it harder to track their activity.

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