Springfield bank drops business selling CBD

(KY3)
Published: Aug. 16, 2018 at 11:14 AM CDT
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A Springfield business recently received notice from a local bank its accounts would be shut down because of the nature of the business.

The owner of CBD of Springfield, Emily Christianson, says a Great Southern Bank representative walked into the store on Monday, hand delivering a letter explaining accounts would be shut down in 45 days. The letter said " this is due to your business being a marijuana related business."

Christanson notes CBD is from the hemp plant, which she says is different than marijuana. She says the products they sell contain no THC, so does not give users a high. Customers use the CBD products primarily for issues like pain and anxiety.

Great Southern Bank sent us a statement saying: “While we can’t speak to a specific customer relationship, we understand the frustration this issue causes when state laws and federal laws are not consistent. The issue of marijuana-related products is challenging for federally-regulated banks across of the country. In general, as a federally-regulated bank, in order for us to serve a business customer, they must be compliant with state and federal laws. Again, we recognize the concerns around this issue and we take no moral stance around marijuana-related products. We look forward to much needed clarity and guidance at the federal level for banks in states where marijuana-related products are sold.”

"So for eight, nine months everything is perfect, not one issue. We go to the bank every day," said Christianson. "We talk to them. We have employees that shop here. And then I get that letter. And the letter was just, a marijuana-related business, and that was it."

Christianson says she has received offers from other banks offering accounts for her business, and her customers have shown a rally of support.