There has not been a bit of cannabis sold in Alaska, however, some bank accounts connected to people in the growing marijuana industry are already being taken away. Referencing strict federal laws around marijuana, Alaska USA Federal Credit Union has ceased to keep the accounts of multiple customers open. Credit Union 1 has also closed down someone’s account, according to company officials. Cole Hollister, one of the owners of Fairbanks-based cultivation facility Pakalolo Supply Co. Inc. received a letter informing him that his account with Alaska USA was shut down.
“It recently came to our attention that you are an affiliate of the marijuana cultivation facility, Pakalolo,” the letter states, citing the company’s state cannabis license number. As the first company licensed by the state, Hollister just started growing commercial marijuana in late July. He states that this move was entirely uncalled for.
“Nothing’s happened yet,” he responded. “There’s no business, there’s no income, there’s no illegal activity going on.”
The letter gives Hollister thirty days to close the account.
“It’s just standard practice for us,” Dan McCue, senior vice president of corporate administration at Alaska USA, said. “If it’s an account related to the cannabis industry, it’s an account that we can’t maintain.”
McCue did not want to confirm how many accounts were shut down, but the Fairbanks Daily-News Miner reported ten personal accounts linked to cannabis-related businesses had been taken away.
“It’s not just sales,” McCue added. “That’s the distinction. It’s related to the business, so there’s all kinds of things you can do to get your business started. We established a policy, we have the right to do that.”
Hollister stated that he kept the account for over three decades and that it is merely a savings accounts. He claims that the account has never been used for anything related to cannabis.
“They have no reason and really no justification to assume guilt,” Hollister said.
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