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Tricking Banks into Processing Marijuana Transactions Carries Major Consequences | Bradley Arant Boult Cummings LLP


Two Men from the “Uber of Pot” Convicted of Conspiracy to Commit Bank Fraud
Eaze Technologies made quite the splash when it burst onto the cannabis scene advertising direct delivery of marijuana products in a matter of hours. With the help of two consultants, Hamid “Ray” Akhavan and Ruben Weigand, Eaze was able to gain a significant market advantage by offering customers in California and Oregon the option to pay with a credit or debit card. This was virtually unprecedented because marijuana remains illegal at the federal level, and as a result, most federally regulated banks are unwilling to process transactions related to the sale of marijuana. So how was Eaze able to convince banks to process these transactions? As it turns out, they weren’t. ....

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