Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Judge: Pot credit union can't access nation's banking system

 


DENVER — A judge on Tuesday dismissed a lawsuit that sought federal approval for a credit union aimed at serving Colorado's marijuana businesses, saying pot is still illegal under federal law.

Fourth Corner Credit Union challenged a decision by the U.S. Federal Reserve Bank of Kansas City to keep the pot bank from accessing the nation's financial system. The credit union, which was chartered by Colorado in 2014, is not allowed to take deposits or issue credit — leaving many marijuana businesses operating on a cash-only basis and causing concerns over the possibility of robberies.

Colorado voters decided to legalize recreational marijuana in 2012.

http://lasvegassun.com/news/2016/jan/06/judge-pot-credit-union-cant-access-nations-banking/

 

Reader Comments(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2020