Just as Uruguay began to celebrate the full legalization of marijuana, a group of American banks informed their counterparts in Uruguay that they would no longer conduct business with any bank or company involved in LEGAL marijuana sales.
The proclamation from banks like Bank of America that they would halt business with Uruguayan businesses engaged in the marijuana trade, prompted 15 pharmacies so far to halt their sales of legal marijuana. The threat of losing their standing with American sources of funding seems to have outweighed their commitment to seeing legal marijuana flourish throughout the country. While there has been no word on Uruguayan banks plans moving forward, the reality is they will most likely follow the pharmacies and stick with their American banking partners.
The Uruguayan government legalized marijuana for its citizens in hopes of countering the black market and fighting illicit drug trafficking. The American banking cartel that has successfully blocked the American cannabis industry from utilizing traditional banking services has now extended its reach to other continents. Assisting developing nations in embracing new paths of economic growth is not the goal of American banks, nor is fighting international drug trafficking. Their motivation is hard to pinpoint, other than to say it is apparent they are intent on suppressing the spread of marijuana legalization around the globe, when they should be embracing it and reaping the benefits along with everyone else.
Cory Hughes is a former police officer turned cannabis cultivator and writer. After years of being on the wrong side of the law, Cory decided to hang up his badge and gun and move into an industry that truly has the potential of bringing people together. He has been an active part of the Colorado cannabis culture and has worked as a horticulturist in dozens of licensed grow operations. Cory now looks to share his knowledge of cultivation and horticulture with the world.