Marijuana PR Firm Denied Financial Services
Many businesses use the platform QuickBooks to maintain their finances. However, the marijuana industry is seemingly banned from using the accounting software, whether directly or indirectly affiliated with cannabis.
Unfortunately for Evan Nison, owner of a marijuana-specific public relations firm, he recently discovered that Intuit, the parent company for QuickBooks, will not do business with him. When he started his account, Nison said everything seemed fine. It wasn't until he tried to process his first payment that he realized something wasn't right. After calling the company and waiting on hold for hours, he reached the Risk Department which told him that any affiliation with medical marijuana is considered an "unacceptable business type."
Nison was shocked to finally discover this. QuickBooks did not inform him of his account termination. “It’s ridiculous that they shut down my account without telling me they were doing that,” he said. “It seems like QuickBooks is making a moral judgment.” While the Intuit Payment Solutions’ Acceptable Use Policy (AUP) explicitly lists marijuana dispensaries and drug paraphernalia merchants as unacceptable business types, it does not deny services to those indirectly affiliated with MMJ.
Intuit Small Business Senior Communications Manager Steve Sharpe told Extract that the company simply does not process certain types of business transactions, including “marijuana in any form.” Sharpe said, "Some categories of business simply present greater financial risk or oversight to meet our legal obligations or our commitments to our financial institution partners.”