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No Banks for Marijuana Industry

Submitted by Marijuana News on Mon, 08/03/2015 - 10:15

Federal Reserve has officially rejected a financial institution’s request to serve the medical marijuana industry’s banking needs in Colorado.

The request, that was filed in November by the Fourth Center Credit Union (FCCU), was seeking to create a “master account” that would act as an interactive platform between the state-licensed marijuana businesses and banking institutions. It had received the governor’s backing when it decided to bring expert money laundering officials to build the policies. Having received the state license, the FCCU was only waiting for the Fed’s approval to begin operations in Colorado.

According to the union’s backer, Mr. Mark Mason, they had accurately followed every protocol that could have enabled them to create such a platform. But to him, Feds were never interested to come out of their rigorous compliance — that terms medical marijuana as a Schedule I drug and bars financial institutions from conducting business with its...

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