Federal Reserve Approves Colorado Credit Union To Serve Cannabis Industy (But There’s A Catch)

by: Peter J. Gallagher (@pjsgallagher) (LinkedIn)

image from 3.bp.blogspot.comThe Wall Street Journal recently reported that the Federal Reserve conditionally approved a Colorado credit union, Fourth Corner Credit Union, to serve cannabis-linked businesses. To obtain this approval, however, the credit union had to “step back from its original plan to serve state-licensed dispensaries.” Instead, it will focus on “individuals and companies that support legalized marijuana, including those who partner with vendors, such as accountants and landlords.” In other words, the credit union can service individuals and entities involved in the cannabis industry, but not those who “touch the plant.”

 Read the full article here.