News (Media Awareness Project) - US MT: Medical Marijuana Provider Creates Jobs, Owner Says; |
Title: | US MT: Medical Marijuana Provider Creates Jobs, Owner Says; |
Published On: | 2010-04-04 |
Source: | Missoulian (MT) |
Fetched On: | 2010-04-07 09:18:57 |
MEDICAL MARIJUANA PROVIDER CREATES JOBS, OWNER SAYS; BANK RELUCTANT
TO ENTER FRAY
Medical marijuana pioneer Jason Christ likes to point out that his
business - Montana Caregivers Network - is a boost to Missoula's economy.
"I also pay 20 rents - 20 people work here and those jobs are in
important in this economy."
But on the money side of medical marijuana, some banks are not
willing to do business in the gray area when it comes to federal law.
First Interstate Bank, a family-owned regional bank based in
Billings, recently closed the accounts of a handful of medical
marijuana businesses.
"We don't want to discourage anyone who goes into business, and we
believe small business is the backbone of the Montana economy, but
because we are regulated by federal regulation we are just unsure as
to what their position may be," said Lyle R. Knight, president and
chief executive officer of First Interstate Bank. "There's conflict
between federal law and the state law. Rather than run any risk, we
are going to stay out of that business right now until we get a
clearer position about how the federal government will feel about it."
Said the banker: "We sure don't want to demean anybody in the
business. It's legal in Montana, that's what voters said. But with
anything that is new, you have to work through the details to make
things work."
TO ENTER FRAY
Medical marijuana pioneer Jason Christ likes to point out that his
business - Montana Caregivers Network - is a boost to Missoula's economy.
"I also pay 20 rents - 20 people work here and those jobs are in
important in this economy."
But on the money side of medical marijuana, some banks are not
willing to do business in the gray area when it comes to federal law.
First Interstate Bank, a family-owned regional bank based in
Billings, recently closed the accounts of a handful of medical
marijuana businesses.
"We don't want to discourage anyone who goes into business, and we
believe small business is the backbone of the Montana economy, but
because we are regulated by federal regulation we are just unsure as
to what their position may be," said Lyle R. Knight, president and
chief executive officer of First Interstate Bank. "There's conflict
between federal law and the state law. Rather than run any risk, we
are going to stay out of that business right now until we get a
clearer position about how the federal government will feel about it."
Said the banker: "We sure don't want to demean anybody in the
business. It's legal in Montana, that's what voters said. But with
anything that is new, you have to work through the details to make
things work."
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