Company Targets Marijuana Industry’s Cash

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.

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 Read the full article…

Federal Reserve Blocks ‘Marijuana Bank’ in Colorado

Now the Federal Reserve is muddying the waters further with a court filing against the Fourth Corner Credit Union, which was established specifically to handle Colorado's marijuana cash

COLORADO: Marijuana-related businesses in Colorado are so profitable that the government doesn’t know what to do with all of the tax revenue they’re generating. But business owners face a more immediate problem: Where to stash their own profits when banks won’t take it. Because marijuana is a federally banned Schedule I substance, most banks have been reluctant to Read the full article…

Colorado OKs Marijuana Credit Union

Colorado's banking regulators granted Fourth Corner a charter, and now the union is waiting for the Federal Reserve to issue it a master account number, which would give it access to the country's electronic banking system.

COLORADO:  Colorado’s marijuana businesses have a cash flow problem: Too much cash is flowing in and they’ve nowhere to put it. Most banks refuse to work with marijuana businesses, which are legal in Colorado but remain illegal at the federal level. Now, a new credit union aimed specifically toward the cannabis industry hopes to offer Read the full article…