Colorado Springs States, the only bank in the state of Colorado that will service businesses in the medical marijuana industry, is now asking those same account holders to bank elsewhere before the end of September. The parent company, Herring Bank, cites all the discrepancies with the laws as reason for not wanting their accounts.
Boulder Kind Care is a dispensary that currently has an account with Colorado Springs State since opening in 2009. One of their owners, Diane Czarkowski, points out the problem with banks refusing to lend money to these type of businesses:
I think a lot of people will be in a really bad position…they will be forced to do things under the radar, which is not helpful to the industry
When things like this happen it is no wonder that legitimate businessmen have to go through other channels to secure funds to operate. Banks: let’s not keep this buffoonery going, its not like you can afford to pass up business right now.
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