The nation’s sixth-largest financial institution, PNC Bank, has closed the Marijuana Policy Project’s accounts. The MPP does not deal directly with the purchase or sale of cannabis or cannabis products — it is a non-profit advocacy group. The move comes as industry watchers are becoming increasingly concerned that the Trump administration will be attempting a crackdown on state-licensed medical and recreational cannabis programs.
According to MPP Chief Financial Officer Nick Field, the non-profit was given the news in May that PNC Bank would be shutting down their accounts as of July 7. The official given reason was that an account audit showed that MPP received funding from pot plant-touching businesses.
“They told me it is too risky. The bank can’t assume the risk,” Field told the newspaper.
The Marijuana Policy Project has had a PNC account for the last 22 years.
A spokeswoman for the bank told the Washington Post that PNC didn’t have much of an option, given current regulation on the subject.
“As a federally regulated financial institution, PNC complies with all applicable federal laws and regulations.”