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
    bowl of vegetable salad
    Raw Foods: benefits and harms
    November 9, 2021
    pros and cons of the keto diet
    Read This Before You Follow the Keto Diet
    May 18, 2022
    spinal cord injuries
    4 Potential Causes of Spinal Cord Injuries (and How to Seek Compensation)
    May 25, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 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
    4 Reasons Why Medical Device Compliance Matters
    May 22, 2020
    What To Know About The Importance Of Healthcare Marketing
    November 23, 2019
    healthcare courses
    6 Supplemental Courses in Healthcare to Support Your HR Degree
    August 20, 2021
    Latest News
    Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
    May 18, 2025
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 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

More Sign Posts on the Road to Connected Health Adoption
Are Online Doctor’s Appointments a Trend or New Reality?
Health Care Spending: Why Immigrants Aren’t the Problem
What Payers Seek from Orthopedic Destination Centers
Cigarette Warning Labels May Go Up in Smoke

 

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

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Dental health
May 21, 2025
The Secret To A Confident Smile: Top Tips For Better Teeth
The Secret To A Confident Smile: Top Tips For Better Teeth
Dental health
May 21, 2025
Clinical Expertise
Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
Health care
May 18, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025

You Might also Like

Finance

Report:Physician Employment – Keys to Success for Hospital Financial Leaders

May 9, 2012
healthcare software
Health

Healthcare Accessibility When Relocating Abroad

January 30, 2024

Research Paying Off for Men with Advanced Prostate Cancer

February 10, 2012

Care Coordination Is Critical For Those With Chronic Conditions

October 10, 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?