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PNC Bank – the sixth-largest financial institution in the United States – has closed Marijuana Policy Project’s accounts, a move that underscores worries the Trump administration will try to interfere with state-licensed medical and recreational cannabis programs.
The move is especially noteworthy because non-plant-touching cannabis organizations like MPP – which is a nonprofit cannabis advocacy group – have generally had an easier time opening bank accounts.
The Pittsburgh-based bank told MPP Chief Financial Officer Nick Field in May it planned to close the accounts July 7, The Washington Post reported. The reason: An account audit showed that MPP