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Colorado and marijuana, supply and demand: Business outside of traditional banking

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Submitted by Marijuana News on Tue, 09/22/2015 - 08:45

The case study in how a business can exist outside of the embrace of traditional banking — as, in this case, traditional banking is afraid of being done for money laundering, since the product in question is still illegal on a Federal level — continues.

That’s despite the efforts of Fourth Corner Credit Union in Denver, which, per the NYT, “applied in November to the Federal Reserve for a “master account,” which would allow it to interact with other financial institutions and open its doors to some of the hundreds of state-licensed marijuana businesses in Colorado.” It didn’t go well.

Still though, the legal pot industry is forging on regardless.

From Convergex’s “Beige Book of Pot” ‘on Monday (with...

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