I am hearing from some of the dispensories in Redding that they rec'd letters from their banks informing them that their bank accounts are being closed. The letters cite a notification that they rec'd from FDIC stating that marijuana is a controlled substance according to federal law and that their FDIC charter prohibits them from making money from doing business with an individual or company that has income by violating federal law.

How about THAT?

My lawyer says that will make complying with IRS rules re: nonprofit organizations very difficult. I say that it will make doing business very cumbersome and time consuming.


Thoughts? Comments?
OhNoYaDont Reviewed by OhNoYaDont on . Legal: Bank accounts I am hearing from some of the dispensories in Redding that they rec'd letters from their banks informing them that their bank accounts are being closed. The letters cite a notification that they rec'd from FDIC stating that marijuana is a controlled substance according to federal law and that their FDIC charter prohibits them from making money from doing business with an individual or company that has income by violating federal law. How about THAT? My lawyer says that will make Rating: 5