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Bank of America OK With Being Washington’s Recreational Cannabis Banker

In an announcement that will have deep implications for the newly-legal recreational cannabis industry in Washington State, Bank of America has agreed to be the state’s primary cannabis banker, meaning they’re willing to accept millions of dollars from recreational cannabis sales.marijuanamoney

Currently Bank of America is Washington State’s official bank, which handles all of the state’s funds. However, the bank’s 7-year contract with the state runs out on June 30th. Washington asked for bids this month, specifically mentioning that accepting deposits of large amounts of cannabis-money will be a requirement.

According to the state’s Treasurer, Jim McIntire, the bank has told the state that they’re willing to continue banking with them, including handling deposits of funds earned from cannabis-sales. According to Wolfgang Opitz, assistant to McIntire, Bank of America has “checked this out with their compliance department and they don’t see it as any different than say, medical marijuana or any other activity,” he continues, “There could be other illegal activities going on in this state that happen to be in the tax base.”

McIntire is confident that the feds will stay out of it; “It’s actually one of the advantages of having Bank of America as your contractor. It’s unlikely, I think, that the federal government would raid them”, he continues, “And they’re big enough to look out for themselves on this.”

TheJointBlog

About Anthony Martinelli

Anthony, co-founder and Editor-in-Chief of TheJointBlog, has worked closely with numerous elected officials who support cannabis law reform, including as the former Campaign Manager for Washington State Representative Dave Upthegrove. He has also been published by multiple media outlets, including the Seattle Times. He can be reached at TheJointBlog@TheJointBlog.com.

3 comments

  1. John Novak

    Bankers always work both sides in wars.

  2. Trololol

    Yes yes yes fuck you government we are winning.

  3. Patrick Monk.RN.

    NO !! NO !! NO!!
    Do not contribute your money to their ‘to big to fail’ delusion.
    Every day is Bank Transfer Day.
    Support your Credit Union, or similar institution, that truly reinvests in your local community.

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