The credit union could open in January even as it waits to be granted insurance by federal regulators America’s rapidly-expanding marijuana industry faces a major quandary: large, national banks are afraid to do business with cannabis businesses for fear of running afoul of strict federal regulations. That could change with the creation of the first financial institution dedicated solely to serving the cannabis industry. This week, the Colorado Division of Financial Services
The attorneys representing Colorado's first financial institution created for the marijuana industry are confident they'll get the insurance and master account from the Federal Reserve they'll need to provide services for legal marijuana businesses in the state. Attorneys Doug Friednash, a shareholder at Brownstein Hyatt Farber Schreck, and Mark Mason, who has his own law firm in South Carolina, got a charter approved by the state on Wednesday for Fourth Corner Credit Union.
DENVER — Colorado has granted a charter for the first financial institution to serve its cash-only marijuana industry. However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve. The Colorado Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union, which could open in January, The Denver Post reported Thursday (http://dpo.st/11CYeJF). The charter is a step
The world's first financial institution established specifically for the marijuana industry could be open in Colorado by Jan. 1. The Colorado Division of Financial Services late Wednesday issued The Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade. The next hurdles will be obtaining insurance from the National Credit Union Administration, the federal regulator of credit unions, and getting a master