Seattle Times: “Conscious Care Cooperative has a solid footing in a growing industry, with three storefronts in Seattle and a loyal customer base. But for much of the last two years, the nonprofit medical-marijuana provider has lacked one business basic: steady access to a bank. The cooperative has bounced among five financial institutions, and four others rejected the cooperative outright, said CCC’s president, Nate Chrysler. In one case, a bank closed the account without notice. . . . Aaron Smith, executive director of the Washington, D.C.-based National Cannabis Industry Association, estimates that half of dispensaries nationwide lack a bank account, which he blames on pressure from federal banking regulators. ‘It is a widespread problem that threatens the entire industry,’ he said. . . . in June, Holder deputy James Cole issued a memo warning that ‘those who engage in transactions involving the proceeds’ of marijuana sales ‘may be in violation of federal money-laundering statutes and other financial laws.”.”
Banks are Refusing to Open Accounts for Medical Marijuana Dispensaries
By On the Net|2017-02-12T07:38:05-07:00May 12th, 2012|Banking Issues, Federal Dispensary Attacks, Miscellaneous, Stories & Articles|Comments Off on Banks are Refusing to Open Accounts for Medical Marijuana Dispensaries
About the Author: On the Net
The author of this article is
Richard Keyt, an Arizona business law attorney who is the creator of this Arizona medical marijuana law website. Connect with Richard at 480-664-7478 or on Google+