No To Banking For Marijuana Businesses

marijuana-leaf-300As long as federal law says marijuana is illegal, the nation’s banking system won’t let new pot-based credit unions have access. A judge dismissed the lawsuit brought by Fourth Corner Credit Union after the Federal Reserve Bank of Kansas City refused to allow the credit union to join the nation’s banking system. He acknowledged however that Congress likely will have to make some changes because the situation is untenable. The Fourth Corner Credit Union was created to provide unique financial services to the cannabis and hemp businesses in Colorado. The Fourth Corner Credit Union has yet to open for business due to laws that do not allow banks to provide financial services to marijuana businesses.

Comments are closed.