The Bank of Springfield Leaves Marijuana Industry Over Fed Fears
After two years of happily servicing Illinois’ medical marijuana industry, the Bank of Springfield is closing its doors to hard earned green cash, millions of it.
Why is the bank cutting ties with the state’s lucrative and well-run medical marijuana industry?
Dispensaries and distributors will be forced once again to deal strictly in cash.
Even though the Bank of Springfield only deals with MMJ earnings, the management still felt compelled to drop all things cannabis as a way of “protecting their customers.”
Protect them from what?
Yes, that scary gray area. But it’s apparently okay if thousands of legal MMJ businesses, producers and associated areas have no place to safely keep their cash, pay workers, taxes and, on top of all that, jeopardize their personal security and future of the entire industry?
“At the end of the day, (the bank is) protecting themselves and it just makes it tougher for all of us.”
A bank protecting itself over its clients’ interests…hmm, sound familiar?