Just say no: PNC Bank won't work with medical marijuana businesses

A growing number of states are licensing distributors of medical marijuana but these businesses may have a tough time finding a bank. Pittsburgh’s largest bank, PNC Financial Services Group Inc., is among the ranks of the large financial institutions that are saying no to potential customers in this sector.

“PNC’s policy is that it doesn’t conduct business with cannabis-related enterprises,” spokesman Fred Solomon told the Pittsburgh Business Times.

It's not alone: Wells Fargo & Co., JP Morgan Chase & Co., TD Bank Financial Group and KeyCorp also won’t accept funds associated with medical marijuana because of concerns over legal status on the federal level, the New York Business Journal, a sister publication, reported, citing a report in Politico New York.

Some 23 states have legalized marijuana for medical use. Pennsylvania is not among them, but several states in PNC’s (NYSE: PNC) retail footprint, including Illinois, New Jersey, Delaware and Maryland,...

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