The Hemp Gazette reports
Bank of America (BoA) is reportedly terminating its banking relationship with Scottsdale Research Institute (SRI), a DEA-registered facility that carries out important marijuana research.
Scottsdale Research Institute is a clinical trial site that among other activities carried out a Phase 2 study of the use of medical cannabis for veterans with Post-Traumatic Stress Disorder (PTSD).
The Institute’s Sue Sisley, MD has been at the forefront of efforts to force the Drug Enforcement Administration to expand access to marijuana for research, which was previously monopolised by a single university for decades. The quality of this cannabis had been criticised by a number of researchers, including Dr. Sisley.
In 2019, the DEA finally indicated it expand access and then in March 2020 published a Notice of Proposed Rulemaking, followed by finalised new regulations in December relating to growers wanting to be registered. Then in May this year, it began signing agreements – including preliminary approval for Scottsdale Research Institute.
So, given the history and credibility of the Institute, why did BoA terminate the 10-year banking relationship with SRI? Dr. Sisley isn’t certain – there was little warning and no justification provided in the notice and communications with the bank since haven’t revealed anything.