March 24, 2010

Banks Are Closing Accounts for Dispensaries

March 24, 2010

Here is a very alarming e-mail that I just received. Figured it was worth passing along:

Dear Johnny,

Since June of 2008, ASA has been receiving calls from legally operating dispensing collectives stating that their business accounts have been closed by a variety of banking institutions.

These closures have occurred without explanation, and in many cases, without notice. One collective even received an un-signed form letter dated 6 days AFTER the account had already been closed!

Beginning in April of 2009, ASA has confirmed more attempts to shut down accounts by numerous financial institutions. This is particularly concerning for us because this activity comes after the US Department of Justice disseminated its new policy re: Investigations and Prosecutions in States Authorizing the Medical Use of Marijuana.

ASA is currently working with Members of Congress to investigate whether the US Department of Justice is involved. If you or someone you know has been a victim of this process, please share the details with ASA by replying to this message (

Thanks –

The ASA Team


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