Two Major Corporations Are Taking an Anti-Cannabis Stance

Over the past couple of years, the cannabis industry has seen exponential growth as the Obama administration left legalization in the hands of the states. States were given the rights to propose legislation and implement their programs without interference from the federal government.

So far in 2017, we have seen the tune change as it relates to the cannabis industry and have seen some signals as to a looming crackdown especially as it relates to the recreational market. There is no clear sign as to what the Trump Administration will do on October 1^st when the fiscal budget resets and Jeff Sessions will be able to request appropriations to go after cannabis.

In June, we had two instances that placed high profile figures of the cannabis industry on the wrong side of a decision made by a major corporation. We can only speculate that these decisions are foreshadowing what might be in our near future but one thing is for certain, the industry is improving life for millions and making progress every day.

Casinos are banning players because they are in marijuana industry

On June 12^th, Leafly broke a story that Isaac Dietrich, CEO of MassRoots had been ejected and banned from gambling at Wynn Resorts.

Mr. Dietrich was kicked out of the Las Vegas casino after the hotel management had uncovered that the customer due diligence procedures required by the Wynn Las Vegas compliance program identified his business as a marijuana related entity that derives its income from marijuana businesses. Unfortunately, this puts his source of wealth in the marijuana field – as your business is being paid with proceeds from the sale of marijuana.

While we do not agree with the stance the Wynn is taking, they are clearly abiding by the laws set forth to strengthen their anti-money-laundering compliance.

You can find the original release from the American Gaming Association HERE.

PNC Bank is stopping access for MPP after years

Last week, a story broke that PNC Bank was closing the bank account of the influential cannabis legalization group, the Marijuana Policy Project. PNC chose to act due to the fact, the MPP takes donations from businesses that operate within the cannabis industry. Banks were given guidelines in 2014 by the Financial Crime Enforcement Network, a law enforcement arm of the U.S. Treasury, on how financial institutions can stay within compliance when doing business with cannabis related businesses. PNC is electing to do this and could find a way to accommodate MPP if they chose.

MPP spokesman Mason Tvert was quoted, “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.”

The MPP is currently seeking a new financial institution to bank with.

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