Wells Fargo said that, in recent days, there have been assertions that the bank elected to close an account in Florida because of its presumed political viewpoint regarding medical marijuana. The bank called that assertion “completely false,” adding that it 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,” the company said. “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. While we recognize that resolving the differences between federal and state laws on this matter has become an industry problem, we make these decisions based on the requirements of federal law and not because of any political view on the topic.”
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