SANTA FE, N.M.—Some credit unions in this state have sent letters to licensed medical marijuana producers in New Mexico saying they will no longer do
business with them and will be closing their accounts.
The letters come eight months after the Justice Department and Treasury Department released guidelines allowing FIs to work with marijuana-related businesses. But the Drug Policy Alliance reported that businesses in the state have received the letters, indicating that credit unions are citing new compliance requirements in rejecting the businesses.