COLORADO: The Fourth Corner Credit Union was created to serve the pot industry. It got state approval back in November, but is still waiting for a green light from the Federal Reserve. That typically takes weeks, not months for a new bank to get.
Recreational pot is legal in four states and D.C., and medical marijuana is legal in 19 other states. The hitch: Marijuana is still illegal on the Federal level, which also regulates banks.
That leaves pot shops in states like Colorado, where it’s legal, in a bind. Many banks won’t offer them accounts, leaving them stuck with piles of cash and nowhere to put it. Fourth Corner wants to change that.