Pot was flying off the shelves in Uruguay. Then U.S. banks weighed in
Afraid of losing access to the American banking system, Uruguayan banks warned pharmacies that their accounts would be shut down
The New York Times (US)
Friday, August 25, 2017
Friday, August 25, 2017
The pharmacies selling pot were doing a brisk business. After Uruguay became the first country in the world to fully legalize marijuana sales for recreational use last month, some of the pharmacies struggled to keep up with the demand. Then came the stern letters from American banks. The letters immediately sent officials in Uruguay scrambling to make sense of the Patriot Act and other American laws that could doom an essential part of their country’s new marijuana market. American banks, including Bank of America, said that they would stop doing business with banks in Uruguay that provide services for those state-controlled sales.
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