EUGENE, Ore. -- With marijuana still illegal on the federal level, some businesses can’t take their money to the bank.
KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.
Why can’t I deposit money from my marijuana business?
In Oregon, the relationship between the banking and marijuana industries is often on the minds of people in local banking organizations.
As banks that offer federal deposited insurance have to abide by federal laws, most are waiting until the federal government takes a stance on the legality of marijuana, Green said.
So even though marijuana is legal in the state, most banks will not accept deposits from marijuana businesses because of the current federal position.
Green said the farm bill that was passed recently will provide the hemp industry with access to banking very soon. He said he expects the state of Oregon to pass laws and provide guidance on how to do that.
However, the direct marijuana industry will remain prohibited.
If you have a banking or finance question from Green, click here.
- Ask The Banker: Banks in limbo over marijuana money rules
- Ask The Banker: Is mobile banking secure?
- Ask The Banker: Mobile deposit a safe way to put money in the bank
- Ask The Banker: Difference between a bank and credit union
- Ask The Banker: Shutdown having little effect on banking industry
- Ask The Banker: Is your bank financially secure?
- Ask The Banker: Money market accounts have limitations
- Murder-suicide leaves court case in limbo
- Deschutes County considers more restrictive marijuana rules
- Ask The Banker: Joint bank accounts and the right of survivorship