Despite lawmakers taking steps towards the legalization of cannabis, some of those involved with it are still suffering consequences. Banking, especially, is making things difficult for those involved in cannabis in some way. In fact, a researcher of marijuana and psychedelics is finding out just how much this is the case as Bank of America is canceling the account of their research institute.

Warning

The second-largest bank in the United States has announced that it will be shutting down the account of the Scottsdale Research Institute. It is an institute that the DEA federally authorized to cultivate and study Schedule I substances. Specifically, these substances include the likes of marijuana and psilocybin mushrooms. Regardless, the bank announced that it would be closing the institute’s account the week of Oct. 11 without giving a clear reason. The bank claimed that they made the decision after “a careful review of your banking relationship,” stating that they wouldn’t reconsider it.

Background

The institute had long fought to gain access to research-grade controlled substances to study their therapeutic potential. The institute did this by litigating against the Drug Enforcement administration on different issues, including cannabis scheduling. To accomplish this, the institute received preliminary approval from the DEA. They are the first federally authorized, research-focused cultivators of cannabis thanks to this approval. This approval ended a decades-long monopoly on such manufacturing.

The institute has long been trying to push for a change in the scheduling of cannabis. This was including filing a lawsuit, Sisley v. DEA. In August, even though their attempt failed, a judge claimed that the change would soon happen regardless.

Future

Sue Sisley, chief investigator of the institute, has stated that there are other banks and financial institutions that will work with them. Additionally, Sisley has stated that they will be moving their funding from Bank of America and “never returning there,” preferring to focus their main attention on the continuing of scientific freedom and research.

Hope

Regardless of BOA’s actions, there is still plenty of hope for the institute to continue their research, even if it needs to be temporarily stalled. Hopefully, as activists continue to support legalization, more businesses will be willing to accept the changing winds.

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