The case study in how a business can exist outside of the embrace of traditional banking — as, in this case, traditional banking is afraid of being done for money laundering, since the product in question is still illegal on a Federal level — continues.
That’s despite the efforts of Fourth Corner Credit Union in Denver, which, per the NYT, “applied in November to the Federal Reserve for a “master account,” which would allow it to interact with other financial institutions and open its doors to some of the hundreds of state-licensed marijuana businesses in Colorado.” It didn’t go well.
Still though, the legal pot industry is forging on regardless.
Our most recent survey showed even more progress among our contacts’ stores, and demonstrated the natural evolution of a maturing industry. Here are our findings from the interviews we conducted last week: