Latest Setback For Marijuana Banking Underscores Importance of Federal Change
By Tony C. Dreibus
The cannabis industry has experienced a handful of high-profile banking setbacks this year, deflating hopes that marijuana companies, state lawmakers and financial institutions will be able to come up with workable solutions anytime soon.
The last roadblock came last month, when the U.S. Federal Reserve Bank of Kansas City denied a Colorado credit union a master account.
The account would have allowed the financial institution – The Fourth Corner Credit Union – to conduct electronic transactions and process checks and credit and debit cards. Without that account, the credit union can’t move forward.