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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If the legal marijuana industry has to go into a dirt fight about federal preemption, the results may not be favorable. But Fourth Corner’s stated goal is clarity.
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.
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.
Tradiv expects to roll out the commercial version of its software in Colorado this September and in Washington and Oregon in the months thereafter. The model calls for adapting an existing e-commerce engine to address the peculiar issues that cannabusinesses face in accessing the market.