How Cannabis Investors Could be ‘Conspirators’ Per the US Federal Law

In February, Brooker Mellars, the owner of a Colorado-based marijuana dispensary, The Bud Depot, claimed that she lost her business bank account after investing in the cannabis industry.

The “Bitcoin Mom” shared in a tweet that they were accredited investors with excellent credit ratings. But their adventurous investment into cannabis stocks didn’t fit well their bank, which was adhering to a US federal law that discourages the use of marijuana. The bank told Mellars that her firm was paying their licensing fees and investing in marijuana using the same business account. According to them, the connection was too obvious to be detected by the concerned authorities.

“Feel bad for the bank employee who had to call and tell me they were closing our account,” Mellars wrote. “He was very sweet and explained that their bank charter cannot allow any accounts to touch the cannabis industry.”

The situation drew a thin line between using marijuana and investing in it. The Fed’s ‘Controlled…

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2019-03-16 14:43:19

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