Colorado Pot Credit Union Could Be Open By Jan. 1 Under State Charter

The Colorado Division of Financial Services late Wednesday issued Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade.

COLORADO:  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 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 Read the full article…

Colorado OKs World’s 1st Pot Banking System

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COLORADO: Gov. John Hickenlooper has signed legislation to try to establish the world’s first financial system for the largely cash-only marijuana industry. The bill signed Friday morning seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services. Banks that fear violating federal law do not Read the full article…

Pot Finance Co-Ops Likely To Fail, But They’re Better Than Nothing

Chris Myklebust, commissioner of the Division of Financial Services for the Colorado Department of Regulatory Services, says there are hurdles to overcome yet.

COLORADO:  A hurry-up bill that whizzed through the final days of the Colorado legislature to create the world’s first financial cooperatives for the marijuana industry still faces about two years of added preparation, backers now say. But despite the initial optimism surrounding House Bill 1398, those familiar with the Federal Reserve System — the agency Read the full article…