BOSTON (AP) -- As marijuana shops sprout in states that have legalized the drug, they face a critical stumbling block - lack of access to the kind of routine banking services other businesses take for granted.
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BOSTON (AP) -- As marijuana shops sprout in states that have legalized the drug, they face a critical stumbling block - lack of access to the kind of routine banking services other businesses take for granted.
Forcing Federal Reserve to bank on pot credit union would give approval to criminal activity, federal judge says.
Calling itself the "littlest David" battling the "biggest Goliath," a fledgling Colorado credit union took the Federal Reserve to court Monday in a case that may determine whether the cannabis industry will bank openly or continue to operate almost entirely in cash.
The Federal Reserve Bank of Kansas City has asked a federal judge in Colorado to dismiss a lawsuit filed against it by a Denver-based credit union that wants to provide financial services to the marijuana industry.
Kristen Wyatt ~ Associated Press ~
DENVER (AP) -- Colorado's attempt to create a bank to service its marijuana industry has received a setback from the Federal Reserve.
Bruce Kennedy ~ WeedWorthy ~
Denver’s Fourth Corner Credit Union launched last year as an answer to the legal marijuana industry’s inability to access financial institutions. But the Fed had other plans.
Kieran Nicholson ~ Denver Post ~
A Denver-based credit union aiming to become the first of its kind — one created to serve the Colorado marijuana industry — has suffered a setback.
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