Friday, July 12, 2024

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Bank of America suddenly shuts down account of Marijuana Research Institute

In a perfect example of the need for better banking rules, Bank of America sent a notice to Scottsdale Research Insitute, which is federally approved to study marijuana and psilocybin, that it would be shutting down their account in 30 days, and that the decision was final.

In May of this year, the DEA gave the Institute approval to be one of the first cultivators of marijuana used for federal research.

Sue Sisley, chief investigator at the Institute, told Marijuana Moment “We just wanted to expose wrongdoing of these big banks. [We want to] show the public that even federally legal operations are being unfairly targeted by these large banks who refuse to look at our federal regulatory documents.”

Sisley is most concerned that the bank provided “zero justification,” and just acted without warning.

“Maybe it was the mushrooms that freaked them out?”

Thankfully, Sisley states that they have been getting offers from other banks looking to fill to void left by Bank of America.

Overall, the amount of banks that work with with marijuana businesses remain steady over the years, and that likely won’t change until protections come from Congress.

Read the original story at Marijuana Moment.

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