Analysis

Pot Industry's Credit Card Temptation Alive Despite Dangers

Law360 (April 6, 2021, 8:47 PM EDT) -- The conviction of three men who designed an elaborate scheme to get credit card purchases from cannabis delivery company Eaze approved by banks highlights a practice that industry insiders say is still tempting for payment processors and dispensaries, but it also underscores that prosecutors are paying attention.

A jury found both Hamid Akhavan, 42, and Ruben Weigand, 38, guilty on a single count of bank fraud conspiracy at the end of March after prosecutors said they developed a web of fake companies to make charges for marijuana products look like they are for other purchases. Former Eaze CEO James Patterson was also...

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