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The First Bank of Bud

Submitted by Marijuana News on Thu, 02/26/2015 - 15:01

Marijuana Industry in Colorado, Eager for Its Own Bank, Waits on the Fed

It was zero degrees in Denver on a late December morning, and the ice-covered streets were mostly empty. Mark Mason, wearing a full-length black coat, green wool hat and sunglasses, sat in a white Buick LaCrosse, eyeing the squat building across the street. It was the local branch of the Federal Reserve Bank.

“Behind that gate, that’s where the armored cars come in,” he said, pointing to a parking lot. “They’ve got a bunch of money in the basement — a bunch.”

For some months, Mr. Mason, 54, has been thinking about the bank and how, he said, “to break in.” Not to take money, but to leave it. Mr. Mason and a group of other entrepreneurs in Colorado want to start the first-ever financial institution established specifically to

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Peter Conti-Brown, a banking expert at the Stanford Law School, agreed that the credit union application set up a quandary, one that, as policy questions go, is “delicious” and “awesome.” Yes, in theory, he said, the Fed could approve this credit union. B

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