Hundreds of marijuana-related bank accounts closed in 2014

Part 3

The federal government is stockpiling hundreds of “suspicious activity reports” that could provide federal agents with sufficient evidence to shut down any state-legalized marijuana business.

Between February and August 2014, banks filed more than 475 “Marijuana Termination” suspicious activity reports – indicating they closed hundreds of accounts because of possible criminal activity.

“I’ve lost my personal bank account, my brothers have lost their personal bank accounts,” said Sally Vander Veer, operator of Medicine Man dispensary in Denver. The dispensary also lost its account in August. She says that without a bank account, all Medicine Man employees are paid in cash.

Previously: Feds connecting legal marijuana transactions with suspicious activities and Marijuana Banking: Armored Car Ride Along to Denver Pot Shops

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