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Home 🌿 Marijuana Politics 🌿 Judge Calls Last Year's Federal Marijuana Banking Guidance Memo A 'Nothingburger' 🌿Judge Calls Last Year's Federal Marijuana Banking Guidance Memo A 'Nothingburger'
Marijuana businesses are largely boxed out of the banking industry. Most banks will not work with marijuana businesses because marijuana is illegal federally. Last year the United States Treasury Department issued ‘guidance’ on the issue in an attempt to help banks navigate through the rules. That ‘guidance’ proved to just create more confusion and chaos. The marijuana industry is massive, and growing constantly, yet it’s an all-cash industry right now (except for the lucky few that have bank accounts, which could get shutdown at any time).
There needs to be a place that businesses can safely deposit their money and experience the benefits of a regulated banking system that all other state-legal industries experience. Today a credit union (Fourth Corner Credit Union) argued before a federal judge about how the credit union was chartered by the State of Colorado, but that the U.S. Federal Reserve Bank of Kansas City has blocked the...
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