Federal Government Gives OK to Credit Union Working with Marijuana Businesses

0
164

One of the biggest areas of concern when it comes to the federal government and marijuana is banking. Many banks and other financial institutions will not work with the cannabis industry due to the drug’s illegal status at the national level. But it looks like that could be a thing of the past.

A Denver credit union just received the ok from the Federal Reserve Bank of Kansas City to work with cannabis businesses. Technically, the credit union is not allowed to work with businesses that directly deal with the actual marijuana plant (i.e. growers or dispensaries), but can work with companies that work alongside the cannabis industry or support it.

So it’s not necessarily the giant home run that cannabis advocates may be looking for, but it’s still a sign of progress.

Another reason to be optimistic is that Trump’s Secretary of the Treasury recently said he wants marijuana money to be put into banks so that it’s safer. It’s actually the rare time where a member of the Trump administration actually advocated for a perfectly rational position.

Ultimately, it seems that people in the banking field have no problem with marijuana, and are simply trying to avoid the wrath of the federal government. But if the feds continue allowing people to work with cannabis, then that may lead to the snowball effect people are looking for.

NO COMMENTS

LEAVE A REPLY