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MBank To Close All Marijuana Business Accounts


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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.

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"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."

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