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Colorado Credit Union Gets Federal Approval to Serve Cannabis Industry
Author: Andrew London 07/02/2018 - 15:39:00

As states individually regain some of the freedom lost through decades of cannabis prohibition, one of the many roadblocks to a thriving legal market has been finding a reliable banking solution. Now, one credit union in Colorado may be on the brink of a breakthrough, after having received a conditional approval from a Federal Reserve Bank to deal with marijuana-related businesses — with some limits.

To obtain the green-light from the Federal Reserve Bank of Kansas City to serve clientele generating revenue from cannabis businesses, Fourth Corner Credit Union had to make some concessions. While Fourth Corner will be able to provide banking services to ancillary services in the industry, such as marijuana lawyers and landlords who rent their properties to cannabis businesses, the feds refused to issue their approval if dispensaries (even state-licensed ones) would be among Fourth Corner’s client list.

“It’s been the mission of the Fourth Corner Credit Union to bring about fully legal banking to the marijuana industry,” said Mark Mason, co-founder of the revolutionary credit union. “There are many ancillary businesses that have trouble getting bank accounts because they do business with marijuana.”

More on marijuana.com: Colorado Credit Union Gets Federal Approval to Serve Cannabis Industry



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