U.S. medical-marijuana shops struggle to find bankers

[Freddie Stubbs]

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.

"It was a nightmare," Sue Harank, co-owner of Denver-based dispensary Alpine Herbal Wellness, said of her efforts to find a bank. The shop opened in March 2010, and during the following six months two banks and a credit union closed her accounts, she said.

more: http://www.msnbc.msn.com/id/43442247/ns/health

[sharesunited]

1. Do the same thing for gun makers and gun stores. Dry up the financing.

[uncle ray]

2. keep your guns away from my drugs.

the two have nothing in common.

[Freddie Stubbs]

6. Manufacturing and selling guns is not illegal

[sharesunited]

7. So the stuff that elevates your consciousness and gives you peace and comfort is illegal.

And the stuff that punches holes in your meat and bone and causes your blood to spill out of your body is legal?

Well that needs to be turned right around, friend.

[Freddie Stubbs]

8. The people who created the Constitution and its amendments chose to protect

the right to keep and bear arms, but not the right to get high.

[Le Taz Hot]

3. They can always do what the big boys do,

hide it offshore.

[KittyWampus]

9. Your comment is funny, yet true. And somewhat infuriating in it's accuracy.

[Cronus Protagonist]

4. It's an all cash business here in CA

It's cash for wholesale product, cash at the dispensary and large safes everywhere. They don't use national banks so they can't be caught by the Feds transferring drug money interstate, which would be a felony.

[meow mix]

5. gov. sponsored hate, discrimination and prejudice

just another aspect of the war against freedom.

[Octafish]

10. Never stopped 'em before.

Every. Major. Bank. Money. Laundering.