Bank of America last week suddenly canceled the bank accounts of Scottsdale Research Institute (SRI), a Scottsdale, Arizona-based research institute that studies the medical efficacy of cannabis and certain psychedelics under a license from the Drug Enforcement Administration (DEA).
“[Scottsdale Research Institute] conducts FDA approved controlled trials evaluating cannabis as medicine for treating pain/PTSD in military veterans & terminally ill patients [and] this TRAGICALLY shuts down our research,” Dr. Sue Sisley, Scottsdale Research Institute’s President, said on Twitter.
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 pic.twitter.com/Q0a2nFvIIX
— Sue Sisley, MD (@suesisleymd) October 16, 2021
Dr. Sisley has spent years navigating federal drug laws in the pursuit of expanded research. In 2019, she sued the DEA over its many hurdles to cannabis research, specifically for the limitations of government-sourced cannabis which is nothing like the products being used en masse throughout legal states.
But earlier this year, SRI received preliminary approval from the DEA to become one of the first new cultivators of research-grade cannabis in the country, Marijuana Moment reported.
“We have a contract with DEA. We are growing cannabis for FDA clinical trials and selling it to the DEA. It’s unconscionable the way [Bank of America is] behaving — and further proof that the word ‘cannabis’ continues to be completely radioactive even though this is a 100 percent federally legal operation.” — Dr. Sisley, via Marijuana Moment
SRI had openly worked with Bank of America for 10 years without issue, Dr. Sisley said, and the bank provided zero context or reasoning for the sudden cancellation.
Exclusive offer from our sponsor:
Get daily news insights in your inbox. Subscribe