Pot Advocacy Group Gets Taste of Financial Sector Exclusion

A financial services company gives a prominent reform group the boot, then backtracks.

Earlier this month, a financial services company informed one of the nation’s largest marijuana advocacy groups that its business was no longer welcome, adding an unexpected twist to public debate about the de facto banking ban affecting state-legal pot businesses.

Capital Group’s decision to cast off the Marijuana Policy Project’s employee retirement accounts was reversed Friday, after calls from the media and concern from Capitol Hill.

The company isn’t saying much publicly about its decision or reversal, but a spokesperson who asked not to be named said prodding from government officials was not involved, as was first suspected.

The spokesperson said the company must meet “complex and time-consuming” burdens when dealing with marijuana-related businesses. The MPP does not sell marijuana, but its name may cause confusion among people unfamiliar with its advocacy work.

"The people here at MPP...

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