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BoA Cancels DEA Registered Drug Research Institute

Bank of America (BoA); the second-largest bank in the U.S., is shutting down the account of a federally authorized research institute that cultivates and studies Schedule I substances including marijuana and psilocybin mushrooms.

The institute- the Scottsdale Research Institute (SRI) was abruptly notified by BoA it will be closing its accounts last week. The bank did so without explanation. A letter drafted and sent from the bank states that the decision was made after “a careful review of your banking relationship” and that the action is “final and won’t be reconsidered.” 

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