We’re in it for the Money

[dropcap class=”kp-dropcap”]F[/dropcap]ourth Corner Credit Union, a Denver-based credit union looking to serve the cannabis industry, was recently granted conditional approval by the Federal Reserve.

The conditional approval letter outlines a list of strict guidelines, among them obtaining share deposit insurance from an approved insurer, and promising that no business will be done with any cannabis companies that are not following the letter of the law.

“We’re really excited about next steps, and we are appreciative of the Federal Reserve’s willingness to work with us,” said Deirdre O’Gorman, CEO of Fourth Corner. “We understand it wasn’t an easy process, but we have the best intentions and think what we were able to carve out a business that is definitely going to help the cannabis industry in Colorado.”

The Federal Reserve Bank of Kansas made this determination on Feb. 2. Fourth Corner first opened back in 2014, and since that time, has been striving to become a federally recognized bank in the cannabis sector. At first the credit union was denied a master account, and later was allowed to work with cannabis businesses, but only those that do not touch the plant. Now, finally, Fourth Corner was granted a full approval.

“What started out as an idea formulated in an old Capitol Hill basement is now finally coming to fruition after four years of unwavering pursuit of litigation against the feds. Our mission is to make marijuana banking legal for all–end of story,” added Mark Mason, Esq., of Mason Law Firm and Fourth Corner, in response to CULTURE. “When your children ask you to help them bring about a major positive change in the world, there is simply no way you can let them down.”

The next step for the credit union will be to pursue share deposit insurance, as required under the conditions of its approval. The National Credit Union Administration (NCUA) previously denied Fourth Corner’s request of insurance, so Fourth Corner is now going to court with the NCUA to try and get insured.

“We understand it wasn’t an easy process, but we have the best intentions and think what we were able to carve out a business that is definitely going to help the cannabis industry in Colorado.”

This will be a huge step forward for legal cannabis business in Colorado, as there will now be more access to banking for local business owners who are currently still forced to deal with cash. Additionally, this is a major milestone for cannabis business in general, as there have been so many issues with gaining access to banking up until this time.