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Many Banks, Payment Operators Dropping Accounts of Medical Marijuana Clinics
By Brian Monroe
printMore than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups. Bank of America, Wells Fargo and U.S. Bank are among the financial institutions that have dropped accounts held by the clinics in more than a dozen states, according to Oakland, CA-based Americans for Safe Access (ASA) and the Washington, D.C.-based National Organization for the Reform of Marijuana Laws (Norml). These clinics, which legally dispense marijuana to individuals with a doctor's prescription, have seen their bank accounts "purged en masse" as...
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