It’s time a bank steps up to the plate and realize the opporunity they are missing out on!
Operator and supporters of marijuana dispensaries say banks are turning away their businesses because they risk falling afoul of anti-money-laundering and drug-trafficking laws.
Sue Harank, co-owner of Denver-based dispensary Alpine Herbal Wellness, said her accounts were closed in two banks and the credit union, after she opened a shop in March 2010.
“Both banks and the credit union pursued our business initially and said they had talked to the corporate office and run it through legal, but a month or two later they all reversed themselves,” she said.
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.
