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
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    UV damage to eyes
    Warning Signs of Long-Term UV Damage to Your Eyes
    December 9, 2021
    degree for healthcare job
    The Ultimate Healthcare Recruiting and Staffing Guidebook
    March 21, 2022
    medicare part d benefits
    Everything that You Need to Know About Medicare Part D
    August 15, 2022
    Latest News
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
    The Wide-Ranging Benefits of Magnesium Supplements
    June 11, 2025
    The Best Home Remedies for Migraines
    June 5, 2025
    The Hidden Impact Of Stress On Your Body’s Alignment And Balance
    May 22, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Conservatives: The Utah Health Exchange is Not a Model
    July 23, 2011
    Medical Malpractice Reform Losing Physician Support
    November 7, 2011
    Hospitals Aim to Apply Direct Payments of Care Delivery to Increase Resources
    August 28, 2012
    Latest News
    Top HIPAA-Compliant Messaging Apps for Healthcare Teams
    June 25, 2025
    When Healthcare Ends, the Legal Process Begins: What Families Should Know About Probate and Medical Estates
    June 20, 2025
    Preventing Contamination In Healthcare Facilities Starts With Hygiene
    June 15, 2025
    Strengthening Healthcare Systems Through Clinical and Administrative Career Development
    June 13, 2025
  • 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
Last updated: June 20, 2011 3:54 pm
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

This Week In Diagnostics
Healthcare IT VC Funding Almost Doubled in 2013
Leon Rodriguez, Director, HHS OCR, discusses HIPAA / HITECH Enforcement Last Week
How To Get Capital For New Equipment For Your Healthcare Business
4 Tactics for Easing Physicians into the Age of Digital Marketing

 

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

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

women dental care
What Is a Smile Makeover and How Much Does It Cost?
Dental health
June 30, 2025
HIPAA-Compliant Messaging Apps
Top HIPAA-Compliant Messaging Apps for Healthcare Teams
Global Healthcare Policy & Law Technology
June 25, 2025
recovering from injury
Rebuilding After Injury: Path to Physical and Emotional Recovery
News
June 22, 2025
scientist using microscope
When Healthcare Ends, the Legal Process Begins: What Families Should Know About Probate and Medical Estates
Global Healthcare
June 18, 2025

You Might also Like

medical marketing strategy
BusinessMedical DevicesTechnology

Medical Device DTC Marketing: Digital Co-Marketing and the Power of the Referral (Part 3 of 4)

July 22, 2014

Collaborating for Mobile Health Innovation

December 9, 2012
BusinesseHealthMarketing

7 Things You Should Not Do When Creating Your Health Website

June 19, 2019
patient consumers
BusinessHospital AdministrationSocial Media

Why All Hospitals Are Also Digital Companies

June 23, 2014
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?