TALLAHASSEE, Fla. – SunTrust Bank closed the bank account of the Tallahassee-based Florida Medical Marijuana Business Association.
The association was told by letter that the bank is looking out for not only its customers’ best interests but the bank’s, as well.
The letter made no mention of marijuana.
“We’re trying to find banks that want to get involved. Hopefully, Congress will do something to eliminate the restrictions at the federal level. But, you know, we got 30 days to find a bank,” said MMBA founder Jeff Sharkey said.
Marijuana remains a Schedule I drug under federal law.
Agriculture Commissioner Nikki Fried, who saw her campaign account closed last year because of donations from marijuana lobbyists, calls SunTrust’s action a move in the wrong direction.
“As we move forward on cannabis with an expansion of access to medical marijuana and a state hemp program, SunTrust’s policy shift is a move in the wrong direction. A lack of financial services forces all cash operations, which is inefficient and a public safety risk. Businesses can’t operate with irregularities restricting their growth, stability, and ability to pay bills,” said Fried. “Cannabis provides an important medicine and an incredible economic potential for Florida. We should be enacting forward-thinking policies to position our state to become a national leader in the industry.”
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