MyDx Inc. (fka MYDX)

[My2b]

WHY BANKS ARE REFUSING CANNABIS BUSINESSES

Your correct...under federal law It is not illegal to sell electronic testing devices of any kind in the united states.

Although marijuana is legal for medicinal purposes in many states, it is still prohibited under federal law. FinCEN guidance binds banks that are federally insured or are National Associations with strict rules prohibiting interaction with cannabis operations. The FDIC will not insure banks that conduct business with operations deemed illegal under federal law. By lending to cannabis businesses - at least those openly operating as such - federally insured banks could open themselves up to sanctions from the federal government, including expulsion from the FDIC.

The U.S. Attorney’s office has produced policy memorandums stating that it will not prosecute marijuana crimes in states where it is legalized, yet banks are shying away from the industry as a whole to avoid the appearance of impropriety at the federal level. A few local banks and credit unions have begun opening up credit to cannabis businesses and equipment providers, but the need for private capital is still overwhelming. There currently is a huge demand and profitable opportunity for investors willing to step in and provide those funds that the banks will not.

MYDX does not fall under "operations deemed illegal under federal law."

Exerpt below from:
safeaccessnow.org/federal_marijuana_law


Despite medical cannabis laws in 44 states, cannabis is still illegal under federal law. The federal government regulates drugs through the Controlled Substances Act (CSA) (21 U.S.C. § 811), which does not recognize the difference between medical and recreational use of cannabis. These laws are generally applied only against persons who possess, cultivate, or distribute large quantities of cannabis.