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Arizona Republic: “The medical-marijuana era might have arrived in Arizona, but dispensaries are stuck doing business like street-level dealers: cash only. Checking accounts and credit-card machines for state-licensed dispensaries have become casualties of a crossfire between state and federal laws. . . . banks and credit unions, which are federally insured, steer clear [...]
Forbes: “The medical marijuana industry is under siege. Legal in 17 States and the District of Columbia, the marijuana dispensaries are not recognized as legal operations under federal law. Aside from the constant threat of raids and civil asset forfeiture, medical marijuana dispensaries also have to contend with payment blockades and outright refusal [...]
Toke of the Town: “This week the so-called invisible hand of the Feds struck again with their closed fist wantonly coming down on whomever they feel is in their way. This week’s Bay Area scorecard was 2-zip in their favor. They closed a favorite San Francisco dispensary and reminded any banking institution that [...]
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, [...]
HuffPost Denver: “Marijuana dispensaries in states that have legalized medical pot are struggling to obtain service from banks and credit-card companies, pressured by federal authorities who consider illegal the business estimated at $1.7 billion annually. Operators and supporters of marijuana dispensaries say banks are turning away their business because they risk falling afoul [...]
Let the litigation begin. The Arizona Department of Health Services had 120 days to create the rules to implement Arizona’s medical marijuana law. During that time DHS produced FOUR versions of its rules, but it saved its three improvised explosive devices until the 120th day. When the smoke clears from the DHS final [...]
Recordnet.com: “Dispensaries run into difficulties dealing with financial institutions. Stockton and other local government agencies in California require medical marijuana dispensaries to promptly deposit cash into bank accounts. The federal government, meanwhile, is putting pressure on financial institutions to make that more difficult. Medical marijuana dispensaries throughout the state have been getting letters [...]
Boulder Weekly: “Add one of Boulder County’s local financial institutions, Elevations Credit Union, to the ever-growing list of financial institutions that are refusing to do business with Colorado’s medical marijuana dispensaries. Elevations started sending letters to its commercial account holders in January saying that its “Member Due Diligence Program” requires identifying the nature [...]
Question: I’ve formed my nonprofit entity and want to open a bank account in the name of the entity. Will my bank refuse to open an account because the business is growing and selling medical marijuana?
Answer: Maybe. If your entity has the word “marijuana” in its name, you may be dead in [...]
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