The Oregon bank wants to provide banking services to medical marijuana businesses in the state.
The Oregon bank wants to provide banking services to medical marijuana businesses in the state.
“While MBank takes no stand in support of, nor opposition to medical marijuana, there is clearly a need to provide a banking solution for law enforcement and taxing agency concerns about what has become an all-cash business in Oregon,” President and CEO Jef Baker said in an email.
Financial institutions are in a gray area when it comes to banking businesses that deal in legal marijuana. Because the drug remains illegal at the federal level banks and credit unions are legally barred from banking such business under the Bank Secrecy Act.
Read more at Portland Business Journal
Related Oregon Business story: Weed Whackers—Will rural Oregon cash in on legal marijuana?
