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Home 🌿 Marijuana Business News 🌿 Local Credit Union Takes on Federal Reserve over Doing Business with Dispensaries 🌿Local Credit Union Takes on Federal Reserve over Doing Business with Dispensaries
A Denver-based credit union took on the Federal Reserve in court last week over the right to deal directly with the cannabis industry.
The Fourth Corner Credit Union of Denver has challenged a federal law forbidding financial institutions from doing business with the marijuana industry. Under federal law, such institutions found to be doing business with dispensaries that legally sell marijuana –which is still federally classified as a Schedule 1 controlled substance– face prosecution and closure.
“We are asking for a level playing field, but they own the team and they own the field,”
Mark Mason, a credit union attorney, said in court last Monday. “We are simply asking for the right to be born.”
Mason was referring specifically to the Federal Reserve Bank of Kansas City, the overseer of the Denver district which has denied the credit union the master account it needs to carry out business....
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