Chase closes accounts of pot entrepreneur Martin Tobias

[Boyd Crowder]

After more than 20 years of banking with JPMorgan Chase, former Microsoft executive and marijuana entrepreneur Martin Tobias saw his business and personal accounts terminated this week.

Chase spokeswoman Patricia Wexler confirmed that both of Tobias's accounts have been shut down, but as policy she would not give more details about his case.

"We are closely following federal guidance on this matter," she said, explaining that the bank doesn't work with marijuana businesses. "If we find out that someone is in the business after they have already been banking with us, then we take steps to close that account."

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http://www.cnbc.com/id/102618155

 

[Beta Test Team]

That really sucks to hear! I know Martin and his business partner, had a few meetings with them about their South Fork Business Park and visited the sites in Redmond. Fuck Chase bank!

(Too bad SFBP is kind of bad deal for producers, but for those producers without a lot of start-up capital it's a nice option, even though it has a few major drawbacks.)

 

[aridbud]

Imagine that will continue to be a trend until measures (statutes) change in banking.

Isn't it ironic BIG PHARMA has deep pockets and golf buddies to all those in pharmaeutical business and R&D, funding, etc.

 

[Beta Test Team]

"Good/Bad bank list"
https://www.icmag.com/ic/showthread.php?t=300781

 

[floralheart]

I think this is what they call book smarts, vs. street smarts.