FLORIDA — Wells Fargo & Co. is responding to criticism surrounding its decision to close an account with a pro-marijuana industry political candidate.
Nikki Fried, a Democratic candidate running for agricultural commissioner in Florida, previously told media outlets Wells Fargo informed her Aug. 3 of its plans to close her account with the bank because of her support for medical marijuana as well as campaign payments accepted from pro-pot lobbyists.
Despite the ensuing criticism, Wells Fargo stands by its decision to close the account.
[RELATED: Wells Fargo lays off 101 Charlotte-area employees]
The bank issued the following statement this week: “In recent days, there have been assertions that Wells Fargo ... elected to close an account in Florida because of our presumed political viewpoint regarding medical marijuana. That assertion is completely false. The company has no political position on the matter.
“As a national bank that is federally regulated, Wells Fargo must comply with federal law on the topic of marijuana, even in instances where state laws may differ. Since federal law prohibits the sale and use of marijuana, national banks like Wells Fargo may not knowingly bank or provide services to marijuana businesses or for related activities.”
Read the full story here.
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