Marijuana Dispensaries’ CU Accounts Raided by Feds
Federal agents have seized the accounts at a Sacramento-area credit union of two businesses that dispense marijuana to people with a doctor's prescription, according to court documents.
The two dispensaries were the Mary Jane's Wellness in Gold River, Calif., and the One Love Wellness Center in Sacramento, Calif. Each had money in business accounts at the 151,000-member, $1.8 billion SAFE Credit Union, headquartered in North Highlands, Calif.
Legal experts on medical marijuana contacted would not comment on the case, but one consultant noted that the regulatory atmosphere for legal medical marijuana dispensaries had only been getting more difficult.
“What we are finding is that the Treasury Department and other government agencies have been sending letters to banks and other firms which do business with medical marijuana dispensaries and warning them about the business,” said Scott Rosenfeld, accountant and owner at Rosenfeld and Co., a Los Angeles firm that consults with medical marijuana dispensaries.