Image: The Fourth Corner Credit Union

Forcing Federal Reserve to bank on pot credit union would give approval to criminal activity, federal judge says.

A judge on Tuesday dismissed a lawsuit seeking federal approval for the first credit union for marijuana in Colorado, saying that allowing it "would facilitate criminal activity."

U.S. District Judge R. Brooke Jackson said in a nine-page opinion that he was compelled to reject The Fourth Corner Credit Union's suit because marijuana remains illegal under federal law.

The U.S. Department of Justice has issued guidelines on how banks can work with legal marijuana businesses, making it clear that prosecutors would not pursue investigations unless certain conditions were not met. But Jackson said he could not take that tack.

Click here to read the complete article

David Migoya ~ Denver Post ~

Recent News Articles

Tuesday May 28

TSA Updates Marijuana Rules To Allow Hemp-Derived CBD On Flights - Cannabis News

in Law & Crime

by Bruce Kennedy - Editor in Chief

The Transportation Security Administration (TSA) updated its policy on cannabis over the Memorial Day weekend,…

1112 hits

Tuesday May 28

New Yorkers are drawn to East Coast’s first recreational cannabis dispensaries - Cannabis News

in Finance

by Bruce Kennedy - Editor in Chief

The Massachusetts store has the distinction of being closer to New York City than any…

1690 hits

Tuesday May 28

Canada: How Cannabis Cultivation Has Advanced Farming Technologies - Cannabis News

in Hi-Tech

by Bruce Kennedy - Editor in Chief

Sustainable, environmentally-friendly farming practices may not have been the initial goal, but are among the…

1589 hits

Tuesday May 28

Indiana, Michigan Farmers Eager To Begin Growing Hemp - Cannabis News

in Cannabis News

by Bruce Kennedy - Editor in Chief

Farmers in Indiana and Michigan are preparing to start growing hemp as a legal agricultural…

1907 hits

Wednesday May 29

Arizona Supreme Court rules marijuana extracts are legal - Cannabis News

in Law & Crime

by Bruce Kennedy - Editor in Chief

According to some estimates, extracts account for nearly half of the sales at Arizona dispensaries.

985 hits