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.”
Dr. Sue Sisley, a prominent, longtime researcher of medical cannabis (specifically for its efficacy as a treatment for post-traumatic stress disorder) is the President and Principal Investigator at the Scottsdale Research Institute. She posted on Twitter on October 15 about the situation.
“Bank of America closes down account of Federally-licensed cannabis researcher. SRI conducts FDA approved controlled trials evaluating cannabis as medicine for treating pain/PTSD in military veterans & terminally ill patients this TRAGICALLY shuts down our research @BankofAmerica.” She also included a screenshot of an official document, entitled the Controlled Substance Registration Certificate, which was issued to the Scottsdale Research Institute by the DEA on June 29, 2021.
The Scottsdale Research Institute has federal permission to study both medical cannabis and psychedelic substances. Most recently, in May, the institute was one of three organizations who received approval from the Drug Enforcement Administration (DEA) to cultivate cannabis for research purposes.
“Pending final approval, DEA has determined, based on currently available information, that a number of manufacturers’ applications to cultivate marijuana for research needs in the United States appears to be consistent with applicable legal standards and relevant laws,” the DEA wrote in its release. “DEA has, therefore,