Wells Fargo forces cannabis lab closure

Steep Hill is one of first two laboratories in the state

About 2 1/2 oz. of dried marijuana. (Michael Penn | Juneau Empire File)

One of Alaska’s three marijuana testing labs has been shut down by Wells Fargo bank, leaving the state’s growers with only two options for state-mandated testing.

In a social media post Thursday morning, testing lab Steep Hill of Anchorage declared, “We are sorry to announce that Steep Hill Alaska will be suspending cannabis testing operations on March 31, 2018. We have to relocate because Wells Fargo called in the loan on our building. They will foreclose if we do not move out — just because we are a cannabis business!”

David Kennedy, a spokesman for Wells Fargo in Alaska, said by email, “It is currently Wells Fargo’s policy not to knowingly bank marijuana businesses, based on federal laws under which the sale and use of marijuana is still illegal.”

Alaska regulations require marijuana sold in the state to be tested for potency and contaminants. With Steep Hill’s closure, Anchorage-based CannTest and Wasilla-based New Frontier Research remain available for that required testing.

For the rest of this story, visit the Juneau Empire.

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