THE FEDERAL RESERVE JUST SAYS NO TO DRUGS
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The subscription service is currently unavailable. Please try again later.The marijuana entrepreneurs of Colorado will not have a special bank to call their own — unless a federal judge intervenes on their side.
The designated guardians of the U.S. banking system — the Federal Reserve — has declined to accept so much as a red cent that can be traced back to weed, because according to federal law, marijuana is a Schedule 1 narcotic.
Weirdly, the Treasury Department seems less concerned about that part. The Fourth Corner Credit Union (the bank that suffered a denial in Colorado) was designed using rules issued by the Treasury last year for how banks can accept drug money from states where those drugs are legal. Fourth Corner was chartered specifically to service the state’s $700 million a year industry and create a safe place to bank for it.
“We’re frustrated,” said Andrew Freedman, director of marijuana coordination for Colorado Gov. John Hickenlooper. “We...
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