• 🌎 Worldwide
    • 🇺🇸 U.S.
    • 🇨🇦 Canada
    • 🇬🇧 United Kingdom
    • 🌏 Asia
    • 🌍 Europe
    • 🌎 Latin America
    • 🌏 Oceania and Australasia
The Daily Marijuana Observer
SUBSCRIBE
  • Home
  • Latest
  • Business
  • Investments
  • Law
  • People
  • Health
  • Databases
No Result
View All Result
The Daily Marijuana Observer
  • Home
  • Latest
  • Business
  • Investments
  • Law
  • People
  • Health
  • Databases
No Result
View All Result
The Daily Marijuana Observer
No Result
View All Result
Home Law Politics

Wells Fargo Terminates Account Of Political Candidate Who Supports Medical Marijuana

Nikki Fried is running for Democratic Agriculture Commissioner in Florida

Fresh Toast by Fresh Toast
August 22, 2018
in Florida, Politics
Wells Fargo Terminates Account Of Political Candidate Who Supports Medical Marijuana

Photo Credit - Mike Mozart via Flickr

88
SHARES
ShareShare

Wells Fargo terminated its banking relationship with a political candidate in Florida, citing a “political platform” that included advocacy for “patient access to medical marijuana.”

Democratic Agriculture Commissioner candidate Nikki Fried spoke to the media at Florida Capitol on Monday morning to address the bank’s decision, which her campaign office views as an action against a candidate’s “fundamental right to free speech.”

This is an inaccurate interpretation of the bank’s ruling. Fried is free to say whatever she wants; however, she is no longer free to bank at Wells Fargo. This means her first amendment rights remain unaffected, especially considering she was free to denounce the bank’s decision in a press release.

Fried wanted to “call attention to the out of touch institutions, laws and politicians that allowed this transgression to occur in the first place,” according to a press release sent by Fried’s camp.

According to the release, Democrat Nikki Fried filed to run for Florida Commissioner of Agriculture and Consumer Services on June 6, 2018 and opened her account with Wells Fargo a week later.

On July 11, a bank representative reached out to the campaign via email saying they had “uncovered some information regarding the customer’s political platform and that they are advocating for expanded patient access to medical marijuana.” The email from Wells Fargo went on to ask if the campaign would receive “funds received from lobbyists from the medical marijuana industry in any capacity?”

Fried was herself a lobbyist for the medical marijuana industry prior to becoming a candidate for office. In a July 17 response, the campaign answered the questions from Wells Fargo, additionally telling the bank of Fried’s own professional representation of the medical marijuana industry.

On August 3, a Wells Fargo representative called the campaign’s compliance manager to let her know the bank was terminating its relationship with Fried because of her relationship with the medical marijuana industry. On August 14, the campaign received a letter from Wells Fargo, dated August 3, formally terminating its banking relationship with Fried, citing its need to “oversee and manage banking risks.”

Money laundering, or accepting deposits from not-legally-earned funds, is a common concern for risk assessment analysts in all major financial institutions.

There is a hidden caution in the fine print of most financial institutions, such as JP Morgan Chase, advising people who are opening new accounts that the bank can “terminate their relationship with a client for any reason.”

Usually, if and when an account closure occurs, the bank does not bother to provide a reason. They simply close the account and send a check with the funds to the former account holder within thirty days.

Wells Fargo purged scores of fake bank accounts last year.

Former Wells Fargo subsidiary Wachovia was exposed for laundering money for Mexican Drug Cartels, according to The Guardian.

This blight on the bank’s reputation could partially explain why their risk analysis experts are showing hypervigilance against opening accounts which potentially harbor drug funds, or in Fried’s case, campaign funds potentially donated by cannabis businesses.

Most major financial institutions are apprehensive about entering the marijuana marketplace while the issue of legalization remains in constant flux. As a result, many legal medical marijuana dispensaries are cash only operations.

JP Morgan Chase quietly closed many of its accounts held by foreign diplomats to the United Nations, and has a revised policy which strictly prohibits cash deposits.

Considering the Wells Fargo account belonged to a candidate for a Floridian public office, and not for a medical marijuana business, whether or not this was an unnecessary precaution on the part of Wells Fargo is debatable.

The Fresh Toast

This article was originally published on The Fresh Toast.

Share this:

  • Click to email this to a friend (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pocket (Opens in new window)
Tags: Nikki Fried

Get Real-Time Updates from MJobserver.com

Unsubscribe
Fresh Toast

Fresh Toast

The Fresh Toast is a lifestyle and entertainment platform featuring dynamic and robust coverage of cannabis, culture, comedy and more. For more, check out thefreshtoast.com.

Related Posts

No Content Available
Load More
Next Post
Harvest One to Supply the Ontario Cannabis Store with High-Quality Cannabis for the Adult Use Market

CannTrust Launches 3 Recreational Cannabis Brands in Anticipation of Canadian Legalization

Comments 1

  1. Pingback: Wells Fargo Confirms Adherence to Federal Laws Regarding Marijuana-Related Activities | The Daily Marijuana Observer

Leave a Comment! Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

📰 Recent News

  • Verano Holdings Enters into Agreement to Expand Arizona Footprint
  • Green Thumb Industries Announces Initial Public Offering in the U.S. to Raise US$100,000,000
  • Greenlane Announces Dismissal of Remaining Securities Class Action
  • Indiva Reports Record Market Share for January 2021
  • Acreage Announces Fourth Quarter And Full Year 2020 Earnings Date
Facebook Twitter Instagram LinkedIn Youtube

Cannabis News by Region

  • 🇺🇸 United States
  • 🇨🇦 Canada
  • 🇬🇧 United Kingdom
  • 🌏 Asia
  • 🌍 Europe
  • 🌎 Latin America
  • 🌏 Oceania and Australasia

Cannabis Tools & Resources

  • 📅 Calendar
  • 📊 Databases
  • 📇 Directories
  • 🔔 RSS Feeds
  • 📺 Videos

Find Cannabis Business Services

  • ⚖️ Attorneys & Law Firms
  • 📊 Accountants & Accounting Firms
  • 💡 Consultants & Consulting Firms
  • 📲 Marketing Agencies & Firms

The Daily Marijuana Observer

  • Subscribe
  • About MJobserver.com
  • Affiliate Marketing Disclosure
  • Legal Disclaimer
  • Privacy Policy
  • Contact Us

Advertise with Us

  • 👀 Advertise
  • 📣 DMO Newswire
  • 📇 List in Our Databases

© 2018 - 2021 D.M.O. Holdings Corp.
DISCLAIMER: DMO Holdings Corp., which owns The Daily Marijuana Observer™ (MJobserver.com), is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. DMO Holdings Corp., which owns MJobserver.com, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. DMO Holdings Corp. or its affiliates, which owns MJobserver.com, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two.

No Result
View All Result
  • Home
  • Latest
  • 🔒 PRO
    • 🔒 A.M. Watchlist
    • 🔒 Analyst Action
  • 💼 Business
  • 📈 Investments
    • 📈 Stocks
    • 💰 ETFs and Funds
    • 💭 Market Commentary
    • 📰 Press Releases
    • 📅 Earnings Calendar
  • ⚖️ Law
    • Laws
    • Politics
    • Intellectual Property
    • Attorneys & Law Firms Database
  • 👥 People
    • ⚽ Athletes
    • 💼 Executives
    • 🌟 Celebrities
    • 🛒 Consumers
    • ⚕️ Doctors
    • 💊 Patients
  • 💊 Health
  • 📇 Databases
    • 📈 Stock Databases
    • 💰 Fund Databases
    • 💼 Service Providers Databases
    • 🏦 Marijuana Stock Brokers
    • 💲 Marijuana Cryptocurrencies

© 2018 - 2021 D.M.O. Holdings Corp.
DISCLAIMER: DMO Holdings Corp., which owns The Daily Marijuana Observer™ (MJobserver.com), is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. DMO Holdings Corp., which owns MJobserver.com, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. DMO Holdings Corp. or its affiliates, which owns MJobserver.com, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.