Colorado Approves Credit Union for Pot Stores
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 issued a charter to The Fourth Corner Credit Union, which could be doing business and serving the local cannabis community as soon as January, a spokeswoman for the state’s regulatory agencies confirmed.
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