No no... the feds wont fuck with us at all:thumbsup:

Banks are closing dispensary business accounts currently and have been sending letters to almost all owners.... stating we have till Oct4 to close our accounts.... cause of the Treasury Dept is saying they will be procecuted

Wellsfargo sent us a letter Looks like its a cash only business Good luck to the pot farms


Turning around seventy years of failed drug policy in America is like making an aircraft carrier do a U-Turn. It takes a while, even after the steering wheel is moved.

So even though the Department of Justice has stated that it could care less about medical marijuana, the Treasury Department has been telling banks they could be prosecuted for serving dispensaries.

Bloomberg is reporting on a letter sent from Congress to Treasury, wherein fifteen members of Congress ask Treasury to stop telling banks that. Turns out, Bank of America and San Francisco-centered Wells Fargo have been routinely denying banking services to dispensaries, ostensibly to protect themselves against federal prosecution.


Democratic Congressman Barney Frank of Massachusetts instructed Treasury to issue guidelines to Americaâ??s banks saying that the federal government wonâ??t go after them for servicing medical marijuana enterprises in states where it is legal. â??If states want to make it legal or not, it should be a state matter,â?ť Frank said in a telephone interview. â??Itâ??s wrong for the banks to be told by Treasury they canâ??t service them the way they would service any other business.â?ť


Even if Congress gets Treasury in line, the DEA's budget and mission hasn't changed, let alone the vestigal policies at the DOC, DOT, NIDA, ... you get the point. The fight goes


Wells Fargo says goodbye to medical marijuana dispensaries in Colorado and California


Thumbs Up--all aboard to nowhere!
August 9, 2010
By: Jack Pot
updated 10:48 a.m.
All Rights Reserved
Findmypot.com had heard several weeks ago that Wells Fargo would no longer accept medical marijuana dispensaries in Colorado. We wanted to know if this decision was Colorado specific or was Wells Fargo taking action in California as well.

Therefore, findmypot.com called the public relations department of Wells Fargo Bank in California to learn medical marijuana dispensaries in California will be closed also. The Wells Fargo spokesperson added that in no uncertain terms, if youâ??re a medical marijuana dispensary business, you will be notified to close your account.

The Sunday edition of The Denver Post reported:

Dispensary owners say there are virtually no banks willing to take their business. Wells Fargo & Co., which stopped accepting new dispensary accounts months ago but continued to have a number of pre-existing dispensary accounts, last week began sending out letters to those dispensary owners telling them they have until Oct. 4 to close their accounts.

This should not be a surprise to anyone at the Colorado Division of Banking. Findmypot.com had notified The Banking Commissioner, Mr. Steven Skunk on May 7, 2010 of the storm that was brewing after TCF Bank decided to cancel medical marijuana bank accounts (TCF Bank Will Be Closing All Dispensary Bank Accounts).

Findmypot.com believes this could become a major hurdle for the medical marijuana industry. Therefore, we called the Colorado Banking Commissioner, Mr. Steven Strunk who will research this issue and let us know what alternatives might be available. Apparently, Mr. Strunk has been on the job for just 4 weeks and was unaware of the issues facing the medical marijuana industry.

Unfortunately, findmypot.com never heard back from Mr. Strunk as to the results of his research.

Dispensary owners want to be compliant in all aspects of their business. However, the banking crisis might force some owners to not disclose their type of business out of pure desperation. After submitting extensive documentation and being subjected to background checks by the medical marijuana division for their state license, this is yet another hurdle that the industry must tackle.

How ironic.

Jack

PS: If you know of a bank that will accept mmj business, please post it here or on the forums