Steep Hill Alaska Suspending Testing Operations After Wells Fargo Calls Loan

Steep Hill Alaska will suspend testing operations on March 31. The owner of Steep Hill’s Anchorage office building lost its loan from Wells Fargo on the grounds that the property is housing a cannabis business.

“The landlord’s loan came up for renewal, and during that process someone at corporate Wells Fargo sent a letter down saying that they wouldn’t renew the loan with a cannabis business in the building,” CEO Brian Coyle tells Cannabis Business Times. >>>

"For states like Alaska that have legalized marijuana, it’s important for law-abiding businesses to have access to safe financial services instead of forcing them to operate in all-cash, increasing a risk of crime and threatening public afety." --Senator Lisa Murkowsk

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