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Wells Fargo Closes Politician’s Campaign Account For Weed

Wells Fargo Closes Politician’s Campaign Account For Weed

Latoya Jackman
Wells Fargo closed down campaign accounts for Agriculture Commissioner candidate Nikki Fried after finding out she supported legalizing medical marijuana (Image via Florida Politics)

Florida’s political candidate Nicole”Nikki” Fried campaign account at Wells Fargo Bank has been closed

The bank closed the candidate’s account after inquiring about her opinion of medical marijuana and if she would be accepting donations from the medical marijuana industry.

The account was opened on June 13.

Ms. Fried, a former activist for many industries including medical marijuana, is currently running to become Florida’s agriculture commissioner.

Gloria Maggiolo, the campaign treasurer, explained that the inquiry was the first time the campaign received a request of that type from a financial institution

She did confirm that Fried campaign is likely to receive funding from lobbyists, executives, employees, and corporations in the medical marijuana industry.

However, they would all be applicable by IRS rules, FEC regulations, and Florida elections law.

 

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Was it Her Association With Cannabis?

On August 3, the campaign received a call from the Wells Fargo Bank explaining that because of Fried’s association with the medical marijuana industry the account will be closed.

The bank cited that it’s their responsibility to oversee and manage banking risks.

Many people believe that this particular bank is taking evasive action in denying the marijuana businesses their services.

Wells Fargo spokeswoman, Bridget Braxton, refused to comment on the specifics of the matter, however, she stated that it’s the bank’s right to refuse to serve persons who are breaking federal law.

“it is Wells Fargo’s policy not to knowingly bank or provide services to marijuana businesses or for activities related to those businesses, based on federal laws under which the sale and use of marijuana is illegal even if state laws differ.”

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She later clarified that activities related to those businesses include donations to politicians or any other account holders.

On Monday during a news conference, Ms. Fried stated that the bank’s action against her campaign is a clear demonstration of what is wrong with the current government.

“kicked out of a bank for voicing support of a law that is literally codified in the Florida constitution.”

Chief executive of industry consultants the Blinc Group, Arnaud Dumas de Rauly,  is curious if this will happen to other marijuana supportive politicians.

“What’s next, will Senator Cory Booker’s accounts be closed? Should we expect to see New York gubernatorial candidate Cynthia Nixon’s accounts closed, as well?”

 

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