A Colorado credit union dedicated to serving the cannabis industry is one step closer to becoming fully operational. On Feb. 5, 2018, the Fourth Corner Credit Union was given conditional approval by the Federal Reserve Bank of Kansas City for a master account.
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Hawaii dispensaries are saying goodbye to cash and aloha to debit payments. On Sept. 12, 2017, Hawaii’s Financial Institutions Commissioner Iris Ikeda announced that the state would be the first in the country to require that cannabis sales be cashless.
The personal bank accounts of several Alaskan marijuana license applicants have been closed due to their association with the legal marijuana industry.
On Jan. 5, 2016, in Denver, U.S. District Judge R. Brooke Jackson dismissed Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City.
On Dec. 28, 2015, the United States District Court for the District of Colorado heard oral arguments in Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City.
A federal court will begin hearing arguments in a marijuana banking case involving Fourth Corner Credit Union and the Federal Reserve.
The marijuana industry has faced another setback in its quest to gain access to basic banking services. According to the Associated Press, the Federal Reserve said in a court filing that it does not intend on accepting any money from businesses connected to the sale of marijuana.
The marijuana banking bill introduced on July 9, 2015, in the Senate and passed out of the Senate Appropriations Committee on July 23, is way overdue.
A bill sponsored by a Colorado Congressman that would allow legal marijuana dispensaries access to the federal banking system has been re-introduced to the House of Representatives — but it faces long odds.
Fourth Corner has not opened, and it is not clear when it will. The problem is with the Federal Reserve master account.
One of the biggest issues facing the cannabis industry right now is money. It is not so much a lack of money, but rather what to do with it.