Blum Holdings Inc (BLMH)

[mjh4]

LINK



"Derek Peterson, the CEO of Terra Tech (OTC: TRTC), was turned down for life insurance last year due to his involvement in the cannabis industry. Mutual of Omaha told him, “We cannot accept premium from individuals or entities who are associated with the marijuana industry.”

Peterson and his company lost their accounts with JPM Chase last year, and TRTC COO Ken VandeVrede had his personal bank accounts and brokerage accounts, including college savings accounts, terminated by a financial institution as well.

More recently, Peterson was in the process of buying a home and had secured a pre-approval, but several ultimately turned him down after reviewing his work history. Peterson ended up selling over 3mm shares of stock to help fund the purchase after having to put a down payment of 65%.

Peterson explained, “Our business could fail from over regulation or, worse, federal intervention, and we need to make sure we have funds to support ourselves if something outside our control affects our ability to continue.”

The cannabis industry faces so many challenges due to federal illegality, but the personal financial discrimination that its leaders must endure could slow the flow of talent into the industry. While many large financial institutions may choose not to serve them, this opens the doors to smaller firms. We have already seen the emergence of several credit unions across the country willing to work with state-compliant cannabis organizations and their employees and owners, and hopefully some other financial institutions will see the opportunity.
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https://www.newcannabisventures.com/cannabis-executives-share-their-stories-of-personal-financial-discrimination/