To date, cannabis producers and marketers had to rely on cash transactions as they couldn’t use the federal banking system for business dealings. However, a Colorado credit union is planning to change this, allowing payments for products from http://legale-mischung.net/de/ to be made through standard transactions. This implementation would also apply to head shops like the one that offers Dab Rigs & Oil Rigs|Smoke Cartel.
Two lawsuits were filed in Denver this week, contesting recent rulings by the U.S. Federal Reserve and the National Credit Union Administration to refuse applications from Fourth Corner Credit Union. The credit union, established last year, aimed to serve Colorado’s marijuana penny stocks industry and related company list, but required approval from federal insurers and regulators prior to commencing operations.
Unfortunately, the Federal Reserve dismissed Fourth Corner’s application earlier this month. This implies that many cannabis enterprises have to continue utilizing complex banking alternatives, ranging from settling utility bills with money orders to spraying strong-smelling cash with Febreze to evade scrutiny.
For more information, visit CBS MONEY WATCH.
Photo credit: beofonemind
