Posted: Aug 24, 2011 9:00 PM by John Romero
Medical marijuana shops in Colorado Springs are looking for answers after a local bank canceled business with the industry.
The Colorado Springs State Bank was the bank nearly all mmj shops had been doing business with since they all opened. In addition, store owners tell us that the bank was the only one in the city that would do business with them at all.
In a letter dated August 17th, the bank told shop owners they had until September 30th to close their accounts. With no other banks in the area wanting to do business with the industry, shop owners such as Scott Saunders who owns NaturaLeaf, are getting worried. "This is going to put up in a position of having to go straight cash." he explains, "We've lost merchant services through this account. We had another large national credit card processing company drop us all about a month ago."
For balanced coverage we did attempt to contact the Colorado Springs State Bank for comment. Those calls went unreturned.