Federal Reserve Rejects Marijuana Banking
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 court filing is the result of a lawsuit between the Federal Reserve and Fourth Corner Credit Union, which has been hoping to provide banking services to the legal marijuana industry. Fourth Corner cannot open its doors unless the Federal Reserve signs off on the credit union, which it refuses to do while marijuana remains federally illegal.
“We’re still a Schedule I narcotic at the federal level,” said Tyler Henson of the Colorado Cannabis Chamber of Commerce. “We can provide every Band-Aid imaginable at the state level, but until the federal government acts on this, we’re stuck.”
In order for Fourth Corner’s lawsuit to move forward, U.S. District Judge R. Brooke Jackson has to agree to hear Fourth Corner’s complaint, which Jackson has yet to do.