Wells Fargo shut down a pro-medical cannabis candidate’s bank account

Wells Fargo closed this condidate’s bank account, Because she backs medical cannabis 

She said:”We responded to the imquiry and they immediately responded that they are going to have to terminate their relationship with me”

Nikki Fried is running for agriculture commissioner in the state of Florida, Her main platform in the campaign in the expansion of Florida’s medical cannabis program, Which she says is the reason Wells Fargo closed her account.

 

A couple weeks ago, we received a first an email inquiry from Wells Faro that basically said that they had been periodically [reviewing] accounts, and saw that based on my platform, that i’m for the expansion of medical marijuana, and was asking if whether of not i’d be taking donations from not only lobbyists of the industry, But also from the companies themselves.

And our response was,well,yes.

The affirmative answer prompted Wells Fargo to close Frieds’ account, We responded to the inquiry and they immediately responded that they are going to have to terminate their relationship, Based on my platform of expansion of medical marijuana access in the state of Florida.

Bank are traditionally cautious of cannabis related businesses, Many growers and dispensaries only work with cash because banks will often not do business with them, even in legal states, For fear of breaking federal drug trafficking laws. But since fried isn’t actually working in the cannabis industry and only taking compaign donations, She wonders if Wells Fargo might have some ulterior motives.

Wells Fargo released a statement on August 22, 2018 denying there were any political motivations behind the closure.

” In recent days, There have been assertions that Wells Fargo(NYSE:WFC) elected to close an account in Florida because of our presumed political viewpoint regarding medical marijuana. that assertion is completely false. The company has no political position on the matter.”

The statement also outlined why they claim the account was closed  ” Since federal law prohibits the sale and use of marijuana, national banks like Wells fargo may not knowingly bank or provide services to marijuana businesses or for related activities.”

Fried says this has emboldened her and she hopes the rest of the country starts fighting for medical weed