Marijuana Banking’s Massive Leap Forward

Because the Comprehensive Drug Abuse Prevention and Control Act, 21 U.S.C. §§ 801, Et. Seq (1970) (“CSA”) prohibits “manufacture, distribution, and dispensation” and any transfer or deposit of monies yielded from cannabis sale may be deemed “money laundering” in violation of the Currency and Foreign Transactions Reporting Act, 31 U.S.C. §5311-5330 (“BSA”), most banks, credit unions, and credit card companies (hereafter, collectively referred to as “Financial Institutions”) refuse to provide marijuana growers, processors or dispensers with financial services.