MBank, the only bank in Oregon offering checking accounts to marijuana businesses, is closing all its weed accounts in the next two months.
The Gresham-based bank will close the roughly 75 accounts it has opened for marijuana growers and sellers and other pot businesses, MBank president and CEO Jef Baker tellsWW this afternoon.
"The rumor's true," Baker says. "We are shutting down the program over a couple-month period. It just ultimately boils down that as a small community bank, we do not have the resources to manage the compliance needed for this industry. We thought we could, but we can't."
