Bank of America closes accounts of leading cannabis research facility

Bank of America, one of the largest national banks in the country, has notified Dr. Sue Sisley and the Scottsdale Research Institute (SRI) that they will be terminating the research institute’s accounts.
Sisley posted on social media with photos of the letter.

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

   

SRI received preliminary approval from the Drug Enforcement Administration (DEA) to be one of the first federally authorized cannabis cultivators for research earlier this year.

SRI is a clinical trial site researching Schedule I substances including marijuana and psilocybin mushrooms often looking at their effects in treatment.

While account closures are all too common in the cannabis industry, Sisley has stated that SRI had banked with Bank of America since its inception a decade ago. Additionally, it’s less common to see an abrupt closure of an account belonging to a research facility, making the situation more puzzling.