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
    healthy hobbies
    The Importance of Hobbies for Our Health
    September 15, 2024
    Whiplash
    Understanding Whiplash: A Guide For Healthcare Practitioners
    January 22, 2025
    research chemicals and health care
    Chemical Research Drive Medical Breakthroughs
    June 14, 2023
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 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
    Hospitals and Providers Using NHIN (Nationwide Health Information Network)
    March 11, 2012
    Image
    Physicians With High Productivity And Satisfaction Scores Employ Strong Patient-Centered Communication Skills
    May 7, 2013
    My Solution to the Healthcare Crisis
    March 31, 2012
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 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
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

top 7 icd10 resources
The Top 7 ICD-10 Implementation Resources
Are You Ready for 2015 Readmission Penalties?
Innovating Medicaid with the Medical Home Model
Don’t Get Left Behind: Optimize Your Website for Mobile
Fast-Forward Scanning

 

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

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

travel nurse in north carolina
Balancing Speed and Scope: Choosing the Nursing Degree That Fits Your Goals
Nursing
September 1, 2025
intimacy
How to Keep Intimacy Comfortable as You Age
Relationship and Lifestyle Senior Care
September 1, 2025
engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025

You Might also Like

The Typical Physician Misses Hundreds of Opportunities to Engage, Empower and Excite Patients Every Day

December 17, 2013

Better Medical Marketing with the New (and Free) Medicare Data Set of 880,000 Providers

April 19, 2014

Population Health Management: Revolutionizing Health Care Service Delivery

March 4, 2012

Healthcare Breakthroughs: 3 Ways to Improve Your Chances of Fighting Obesity

August 16, 2016
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?