Banks Won’t Do Business with Medical Marijuana Sellers

by Salvatore P. Ciulla on August 4, 2014 · 0 comments

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marijuana dispensary lawyer Orange CountyIn February, the Obama Administration gave out new guidelines for banks seeking to do business with medical marijuana cooperatives and dispensaries. The new guidelines spelled out how banks should monitor legal marijuana operations, but did not give banks immunity from prosecution by the Federal government. It did say that the Justice Department will only be focusing on cases where banks did not heed the new guidelines.


However, the banking industry is not biting. A spokesperson said that although they appreciated the effort, banks would not be supporting medical marijuana businesses in any way as long as marijuana is still illegal under federal law.


Dispensary owners list access to legal banking services remains their biggest challenge as business owners. Without access to banking services, dispensaries remain the target of thefts and robberies, some of which have ended violently.


Under the Controlled Substances Act of 1970, marijuana is listed as a schedule 1 narcotic—a drug that has no known medical use, a high potential for abuse, and poses a danger to its users. Marijuana advocates have pointed out that the only reason marijuana made the schedule 1 list is because it was still being studied for medical applications at the time the law was made. Since then, many medical uses have been found for marijuana and 22 states have since made it legal for medical purposes, with another two states making it legal for recreational use as well.


The DEA recently requested that the FDA conduct a study to determine if marijuana should remain a schedule 1 drug.


The Law Office of Salvatore Ciulla located in Orange County, California, represents individuals accused of murder and manslaughter, aggravated assault, burglary, theft and embezzlement, child abuse and domestic violence, narcotics possession and sales, drunk driving (DUI) and vehicular homicide, sexual assault and three strikes cases. We also take Juvenile Court cases and all misdemeanor offenses.


Our mission is to provide the best legal representation and counsel to all clients. Every client and every case is important. Call us at 714-542-0500 for a free analysis of your case and/or charges, or contact us at SalCiullaLaw.com.


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