By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: U.S. Medical Marijuana Business Having Issues With Banks
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > U.S. Medical Marijuana Business Having Issues With Banks
Business

U.S. Medical Marijuana Business Having Issues With Banks

BarbaraDuck
BarbaraDuck
Share
3 Min Read
SHARE

From reading the article below it seems that the conflicts of laws and some not so honest people out there are causing banks to with draw any credit card types of purchases for dispensaries all across the US, so it seems for now the cash still works here.  The DEA was noted as sending

From reading the article below it seems that the conflicts of laws and some not so honest people out there are causing banks to with draw any credit card types of purchases for dispensaries all across the US, so it seems for now the cash still works here.  The DEA was noted as sending warning letters to the banks so I am guessing this is where it all began a couple years ago.  Since this time though there has been a lot of headway with dispensaries too and they operate a lot differently and are better organized too, so time will tell the outcome. 

In California we have “pot dispensing” machines and I wonder what effect this has?  I can see where there are some reservations but with all the smart data we have out there today it seems that there should be a better solution.  BD 

ST. LOUIS, June 17 (Thomson Reuters Accelus) – 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 of anti-money-laundering and drug-trafficking laws.

The largest U.S. bank, Bank of America Corp, said it started withdrawing services from dispensaries after receiving a warning from the U.S. Drug Enforcement Administration in late 2007 or early 2008. The DEA said it has also told other big banks that they face potential legal liabilities if they do business with the dispensaries.

Regulatory consultant and investigator Jim Dowling, a former federal agent, said his advice to banks is that they avoid medical marijuana dispensaries. He said they sometimes masquerade as other types of businesses to obtain accounts.

U.S. medical-marijuana shops struggle to find bankers – Health Key

More Read

CEO Interview: Michael Moe On GSV Capital, A New Vehicle To Finance Growth Companies
5 Tips for Preventing Reimbursement Loss in Radiology Billing
Using Web Technology for Patient Referrals
5 Ways IROs Can Increase Your ROI
Do-It-Yourself Death Panel

 

TAGGED:healthcare businessmedical marijuana
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5KFollowersLike
4.5KFollowersFollow
2.8KFollowersPin
136KSubscribersSubscribe

Latest News

Dr. Marlow Hernandez on Why Value-Based Care Was Never the Final Frontier
Dr. Marlow Hernandez on Why Value-Based Care Was Never the Final Frontier
Health
May 16, 2026
How Liposomal Supplements May Support Better Nutrient Absorption
Health
May 14, 2026
man with bandage on foot
How Personal Injury Claims Intersect with Healthcare Treatment and Medical Documentation in Everyday Patient Care Settings
Health care
May 9, 2026
close up of dental examination in belo horizonte clinic
A Modern Approach to Straighter Teeth Without Disrupting Daily Life
Dental health
May 9, 2026

You Might also Like

Why 1 + 1 = 10 for Physicians and Information Technologists

July 28, 2014
ysvc9usjre2loa_3zjo17w
BusinessFinanceHospital Administration

Hospital Cost Reduction Efforts See Hope at the End of New Platform

January 14, 2015
Reducing Readmissions
BusinessFinanceHealth ReformHospital AdministrationPolicy & Law

Are You Ready for 2015 Readmission Penalties?

June 7, 2014

FDA Panel Weighs-in on Menthol Cigarettes

April 21, 2011
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?