Thursday, February 16, 2012

Feds Threaten Banks Doing Business With Medical Marijuana Clinics

'One of the underhanded ways the feds are attempting to defeat legal medical marijuana is by preventing banks from doing business with dispensaries.

Because medical marijuana is illegal under federal law, federally insured banks even in states where it's legal were notified in 2011 to be suspicious of marijuana-related banking activities. The warnings stated that the business of marijuana is a "high-risk area for money laundering" which would put the banks at risk of racketeering and laundering charges.

Even though banks were not directly ordered to deny services to lawful medical cannabis shops, most banks heeded the warnings and closed dispensary accounts anyways. This forced patients and dispensaries into cash-only transactions.'

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