Published on StoptheDrugWar.org (https://stopthedrugwar.org)

Medical Marijuana Sellers Can't Take Their Money to the Bank

from CreditCards.com (TX) [6], February 08, 2011
Conflict between state and federal laws over the legality of medical marijuana has left owners of medical marijuana dispensaries finding that their financial services can go up in smoke. They're caught in a legal gray area that makes big banks wary or downright hostile. Last spring, Rep. Jared Polis, D-Colo., and 14 other members of Congress sent a letter to Treasury Secretary Timothy Geithner seeking reassurance for financial institutions. The letter to Geithner asks his office to "issue formal written guidance for financial institutions assuring that Department priorities do not include targeting or pursuing institutions whose account holders are involved in a business ostensibly operating in compliance with a state medical marijuana law." No response has been received. (Link to Story [6])
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[6] http://www.creditcards.com/credit-card-news/medical-marijuana-banking-credit-card-1271.php
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