Company Targets Marijuana Industry’s Cash

COLORADO: A Denver-area company that provides security for marijuana businesses moving around large amounts of cash said it’s growing in the city.

Blue Line Protection Group Inc. said it’s opening a new 12,000-square-foot facility in Denver that will be able to house its armored vehicles, count companies’ cash, and store cash in vaults. It’s scheduled to open in the first quarter of next year, the company said.

Right now in Colorado, the marijuana industry is basically operating as an all-cash industry, because national banks don’t want anything to do with pot, since it’s still technically illegal nationally. A Denver credit union, Fourth Corner Credit Union, tried to get legit and had filed suit to get clearance from the Federal Reserve to open, but in October, the Federal Reserve said it won’t issue the required master account because marijuana is an illegal activity.

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