Khoja said he operates by certain business principles. His clients do not pay in cash. Deposits into the law firm’s state bar-required trust account are identified by their source and visible to the bank. Every client must comply with Obama-era federal guidance designed to minimize any federal scrutiny.
Khoja said he was surprised when his bank, Umpqua Bank, this fall started demanding information about clients. Were they in direct contact with marijuana plants? What were their names? How much business did Greenbridge do with them?
After Khoja asked for more time to get his clients’ consent to release that information—he said the bank gave him two business days to do so—Umpqua said it was closing his firm’s accounts in 30 days.
Full Article / Source: www.law.com