Kurshid Khoja is the founder of the Greenbridge Corporate Counsel, a firm that seeks to provide services and assistance that can help to grow the green economy. They seek to focus on cannabis businesses, assisting those who are involved in the medical and legal cannabis industry.
They don't encourage people to violate any laws, but for those who are currently engaging in civil disobedience by working with cannabis, Greenbridge wants to help them gain access to competent business counsel.
This means helping them with things like daily operations, working with regulations, and more.
But recently his bank, Umpqua Bank, wanted to know more about his clients and this causes a problem for him because his first duty is to his clients and therefore he has a duty to protect their confidentiality.
The bank allegedly wanted to know more specifics about just how involved Khoja was with the cannabis industry and more about his clients and their work. Khoja allegedly communicated with them, asking for some time to gather the information they were seeking, because he couldn't simply give away that information without first obtaining the consent to do so. The bank threatened though that they would close his account if he didn't provide what they wanted.
Another lawyer, Brian Vincente from Vincente Sederberg that's located in Colorado, says that he has been dropped from banks multiple times for working with cannabis businesses.
It's clear that they need an alternative and so it's no wonder that a variety of entrepreneurs in the cryptocurrency space have been looking to see if they could provide a proper solution.
For Umpqua Bank, this isn't the first time that they've seemed to crack down on those working in the cannabis industry. Another customer of theirs, involved with a hemp clothing company, also recently alleged that they too received a letter threatening an end to their account. And they likely aren't the only ones.
In his response to the bank, Khoja insisted that surely his company was the sort of client that they would be eager to do business with and that they should welcome his business and support it rather than seek to reject him. But that wasn't how they saw it. They told him that his account wasn't mutually beneficial and they terminated the relationship. Since then, he's moved on to another financial institution.
He hopes that Congress is eventually going to act to make some federal changes in this area so that it isn't such a challenge for people to conduct business in this economy space.
Pics:
TheSmokingBud via herb.co/2017/08/11/cannabis-green-rush/
via Massroots.com
via FinancialTribune.com
Sources:
https://www.law.com/therecorder/sites/therecorder/2017/12/28/cannabis-industry-lawyer-raises-questions-after-his-bank-terminates-account/
http://www.greenbridgelaw.com/
https://www.massroots.com/news/dumpster-diving-for-weed/
http://www.thenorthernlight.com/2017/10/19/umpqua-bank-to-close-local-companys-account-for-confusion-over-hemp/
https://financialtribune.com/articles/world-economy/78255/cryptocurrencies-are-affecting-real-economy
http://www.statesmanjournal.com/story/money/business/2015/12/24/best-kept-banking-secret-marijuana-industry/76727296/
http://observer.com/2017/09/marijuana-cryptocurrency-blockchain/
Related Posts:
Hemp Clothing Company Faces Financial Ordeal After Bank Closes Its Account Over Cannabis Confusion
2016 Cannabis Sales Surpass $6.7 Billion
https://steemit.com/cannabis/@doitvoluntarily/2016-cannabis-sales-surpass-usd6-7-billion
Banks are really stuck between a rock and a hard place. The rock being the US government and the hard place is their ability to borrow money.
Banks rely on their ability to borrow money from the Fed. Without that, banks won’t be able to function. They are also required to follow federal laws to maintain FDIC insurance. When someone is is making large cash transactions, the banks are required to report each large transaction. This creates additional work and cost to the bank. It also adds scrutiny from the FED and risk of loosing their FDIC insurance and their ability to borrow.
What we really need is a bank that does not borrow money from the FED or insured by the FDIC. I recommend that Steemit sponsors a bank. Imagine a bank that borrows money from Steemit and customers funds are insured by Steem.
People should have the right to choose what they want to put into their bodies To help manage pain etc. without being forced to pay the high costs of pharmacutacles with so many side effects , to at least have a better quality of life that I think is more natural and better for you , and made so you dont have to get high if you dont want to in an oil or pill form ! I dont see why it cant be legalized everywhere for this purpose at least ! Great job @doitvoluntarily ! And all the best in the New Year !! CHEERS !!upped and resteemed !🎉🎉🎉🎇
As long as it is used for medical purposes it would be well regarded by most people. The well-being and quality of life of a patient should not be limited by a prohibitive law.
You could look up the number of drugs, that are approved and working in other countries, but the ADA has not approved for The USSA. Prohibiting wellness is what they do.
As a marijuana Buisness Owner, i was shut down at 3 different banks.
It was a major hassle because you would be notified by mail that your account was shut down and you would get a check with your funds made out to a business name that you cant deposit.
There were only 2 banks in Colorado that would except MJ Businesses and they charged a fee of $2000 per month!!!!!!!
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This is outrageous!
Outrageous!
I Absulutely agree...!!! that my man, cannabis the one of important that we need. Absolutely yesssss.
Also upped by @momskitchen ! 👍👍👍✌💕
Thank you for your great contribution to the development of Steem in 2017. Happy New Year. I wish you happiness, love, joy, health and of course, good luck in 2018.
thank you!:) happy new year to you as well
Another case of divide and conquer.
Nice post keep posting
Happy new year
Nice Post
Happy New Year
keren
It is interesting to me, that in the face of crypto-currencies
what the banksters will do is to shoot themselves in the foot
... twice.
When there is an alternative opening up, don't you feel that a bank would become more amiable? Would try to work with their clients better? Try to keep customer loyalty by providing the best service?
But no, they threaten them. They turn off their accounts. They basically steal their funds.
And, in the era of social media? This is going to hasten their death.
What was going to be a slow move into cryptos, will be a stampede for the door. A stampede they are causing.
In Aceh, Indonesia we have a vast field of cannabis. This plant grows itself naturally in our area. 😃🤝
that right @manshar, and many people in there fly every day. why you not trite them on business, trust me it's can be legal. do not ask me to much... hahahaha you great man.
I've heard some pretty cool terms in the bank. And we are talking about eagle claws, snake mouths or cobwebs. These three terms are placed in their kitchen until the time needs to be expelled. certainly referring to support. Cannabis, is a very important plant in the world because it is very helpful in medical. of course there is a business that grows because marijuana is also a commodity. when referring to business there is certainly legality and when the legal money from marijuana business then disputed it means they have issued eagle claws to pass, then the mouth of the snake will swallow. but before that, it was all over the spider web. wherever the banks are not comfortable even if we need them.
That good article, thanks for great information. I am already follow you.
beautiful post, I like, stop by my account and upvote
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Theres always potcoin!