New York medical marijuana dispensary owner Hillary Peckham—holder of one of only five licenses in the state—just saw her company, Etain Health, through a major right of passage: getting kicked out of their bank.
Most banks and major credit card companies won’t accept accounts for marijuana-related businesses because of the Bank Secrecy Act (BSA), which requires financial institutions to thoroughly monitor customer accounts for activities associated with crime and prohibits them from doing business with them. Other questions of concern relate to guaranteeing collateral and the federal insurance of deposits.
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