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Whether they know it or not, America’s four largest banks have held accounts for marijuana businesses, in contrast to public pronouncements that they steer clear of the cannabis industry.
An analysis by RB Monitor, a Chicago-based firm that pinpoints the risks financial institutions might face working with the cannabis industry, found that 29 of 84 applicants for marijuana business licenses in Massachusetts had an account with one of the nation’s big four banks: Bank of America, Citigroup, JP Morgan or Wells Fargo.
Marijuana remains illegal under federal law, so many banks have shied away from holding accounts for