Colorado Approves Credit Union for Pot Stores

TIME

America’s rapidly-expanding marijuana industry faces a major quandary: large, national banks are afraid to do business with cannabis businesses for fear of running afoul of strict federal regulations.

That could change with the creation of the first financial institution dedicated solely to serving the cannabis industry. This week, the Colorado Division of Financial Services issued a charter to The Fourth Corner Credit Union, which could be doing business and serving the local cannabis community as soon as January, a spokeswoman for the state’s regulatory agencies confirmed.

The dearth of reliable banking opportunities has turned the marijuana “green rush” into a mostly all-cash affair as business owners are unable to store their pot proceeds in a checking account. Fortunewrote about how banking restrictions have helped give rise to a number of ancillary businesses serving the cannabis industry by offering cash management and security services.

Colorado Governor John Hickenlooper called the…

View original post 90 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s