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Home 🌿 Medical Cannabis News 🌿 First Security Bank Of Nevada Pulls Out Of Cannabis Banking 🌿

First Security Bank Of Nevada Pulls Out Of Cannabis Banking

Submitted by Marijuana News on Fri, 05/15/2015 - 07:28

The Las Vegas community bank that last year announced it was open to banking Nevada’s budding medical marijuana industry has changed its mind, telling KNPR’s State of Nevada that compliance issues made it difficult to handle these businesses.

Jason Awad, chief executive officer of First Security Bank of Nevada, said the bank will be sending letters to its customers informing them of the bank’s decision. He told KNPR’s State of Nevada these were holding accounts used by dispensary owners while they were waiting to be licensed.

“We found after several months that the cost is so prohibitive and the burden so high that it is very difficult to do what we … really wanted to do,” Awad told KNPR.

Awad said First Security Bank of Nevada has nine people dedicated just to visiting the dispensaries, and other facilities and also implementing the software needed to handle the transactions. He didn’t...

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Nevada
United States

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URL: 
https://knpr.org/knpr/2015-05/first-security-bank-nevada-pulls-out-cannabis-banking

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