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What banking problem? 3 questions Union Square's first medical marijuana shop asked its bank ...

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Submitted by Marijuana News on Mon, 08/03/2015 - 14:57

€œWhen we begin to build a business of our own in any market, we always go back to our counterparties and say this is how we do it,” said Vita. But he said he also asks the institutions three questions: What can his company do better? How can his company do it better? And what are the concerns the institution has about the expansion? As part of the New York state license awarded Friday, the company plans to open a medical marijuana farm in Melrose, N.Y. as well as three other dispensaries around the state.

The day before Columbia Care won its license, the New York Times reported that the marijuana industry had hit a “roadblock” when the Federal Reserve declined an application in Colorado from Fourth Corner Credit Union, for what would have been the first credit union “master account” for a banking institution aimed explicitly...

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http://www.bizjournals.com/newyork/news/2015/08/03/what-banking-problem-3-questions-union-square-s.html

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