Wells Fargo Says It Doesn't Take A Political Stance On Medical Marijuana
Wells Fargo said that it does not take a political position on the matter of medical marijuana after a candidate in Florida said the company closed her account because of campaigning she does on the issue.
On Wednesday, the company called the assertion “completely false” and said that it must comply with federal law, which prohibits the sale of marijuana and its related activities, regardless of any state law.
“Since federal law prohibits the sale and use of marijuana, national banks like Wells Fargo may not knowingly bank or provide services to marijuana businesses or for related activities,” Wells Fargo said. The company reiterated that no decisions are made based on political views on the topic.
Nikki Fried, a Democrat running for agriculture commissioner in Florida, is a very public proponent of medical marijuana. Fried told CNBC that employees at Wells Fargo began asking questions about her campaign platform, including if she received money from a lobbyist in the medical marijuana industry. The campaign said yes, according to CNBC, and received a notice that Wells Fargo was closing its account last week.