Yes all is apparently well and good in the Land of the Green – Colorado I refer to of course. With flower, extracts, edibles, and more Colorado is something of a promised land for stoners, the Amsterdam of the West. But while on the surface things may seem to be all good the truth is that those very dispensaries which supply green bundles of joy are in a very precarious financial situation due to some tricky banking laws. You see, while weed is legal in CO it’s still obviously illegal on the federal level and that makes Colorado bank’s leery of accepting money from these types of businesses.
This is where Fourth Corner Credit Union (FCCU) comes into play, hoping to become the first weed credit union. The state of Colorado granted a charter to FCCU in November but the last hurdle is receiving a master account number from the Federal Reserve. The Federal Reserve has little to no discretion though and must grant a master account number to any organization granted a charter by their state. Their lawyer Mark Mason stated its immanency, succinctly saying “we are on the one yard line.”