Federal Reserve Blocks 'Marijuana Bank' in Colorado
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The subscription service is currently unavailable. Please try again later.Many legitimate marijuana businesses are still locked out of the financial system.
Marijuana-related businesses in Colorado are so profitable that the government doesn't know what to do with all of the tax revenue they're generating. But business owners face a more immediate problem: Where to stash their own profits when banks won't take it.
Because marijuana is a federally banned Schedule I substance, most banks have been reluctant to accept deposits from industry businesses. A clumsy and ambiguous set of guidelines from the federal government, which at least seemed to indicate that banks working with dispensaries operating legally under state law would be shielded from money laundering prosecution, didn't help.
Now the Federal Reserve is muddying the waters further with a court filing against the Fourth Corner Credit Union, which was established specifically to handle Colorado's marijuana cash, according to NBC News:
The credit union
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