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Registered: 08/31/15
Posts: 25
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Dispensary Funding
    #804745 - 01/29/16 03:06 PM (10 months, 4 days ago)

I know a lot of caregivers and industry people post to this forum and, though I myself am pretty much only interested in personal growing, I still found this examination of business funding for marijuana businesses illuminating. Hopefully, the confusion will be laid to rest sooner rather than later:

"The Fourth Corner Credit Union was established in Colorado in order to allow legal dispensaries to use the U.S. banking system for financial services and business funding. However, restrictions continue to dog the fledgling institution, with credit still being denied and a blockade against receiving deposits. The Federal Reserve Bank has refused to issue the Fourth Corner Credit Union a master account and corresponding routing number which prohibits the bank from being able to financially or electronically deal with other banks. In short, the Fourth Corner Credit Union has been de-clawed at the outset.

The reasoning behind the Federal Reserve Bank’s decision to restrict the Fourth Corner Credit Union from access to the nation’s fiscal system is simply that they believe it is too dangerous to support the marijuana industry. Marijuana is still federally considered a Schedule 1 drug, a distinction that supposes it is a more dangerous drug than cocaine. This classification finds the Federal Reserve Bank refusing to cater to the financial needs and funding for businesses that risk condoning a federally illegal drug, despite marijuana’s legalization at the state level in Colorado, District of Columbia, Washington, Alaska and Oregon."

-from Marijuana Resources

Edited by GreenHeat (02/01/16 01:13 PM)

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Community >> Medical Cannabis & Activism

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