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Bank of America Closes Cannabis Research Account

cannabis leaf on money

Bank of America is, without any clear explanation, closing the account of the legally operating Institute for Cannabis and Psychedelics.

One of the nation’s most popularly used banks decided to close the account of one of the country’s DEA-approved cannabis and psychedelic research institutions.

The Bank of America suddenly closed the accounts of the Scottsdale Research Institute with very little notice or explanation last week. The Scottsdale Research Institution received a letter dated October 12, stating that the account would no longer be accessible in 21 days and fully closed within 30 days. The letter also states that the “this decision is final and won’t be reconsidered.”


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