Marijuana Bank Suing Feds for 'Equal Access'
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Marijuana Bank Suing Feds for 'Equal Access'
Posted by CN Staff on July 31, 2015 at 10:55:08 PT
By Tim Devaney, Contributor
Source: Hill
Colorado -- A Colorado financial institution is suing the federal government to be allowed to serve the state’s growing marijuana industry, according to a report in The New York Times.The Federal Reserve earlier this month rejected the application from The Fourth Corner Credit Union in Denver, because it intends to provide banking services to state-licensed marijuana businesses.
The federal government still prohibits the use of marijuana, even though many states have taken steps to legalize recreational and medical marijuana. In response, the Obama administration has loosened enforcement against many marijuana businesses that operate outside of federal law, but it has yet to lift a ban on banks dealing with these companies.As a result, most banks do not open accounts for marijuana businesses, even if they are operating within states that allow it.Critics say this is a public safety issue, because it places a target on the backs of marijuana businesses by forcing them to keep large amounts of cash in their stores.The Fourth Corner Credit Union applied last November to become the first financial institution in Colorado to serve marijuana dealers, but the Federal Reserve rejected their application.The credit union is now suing the government in federal court for “equal access” to the U.S. financial system, according to the report.Source: Hill, The (US DC)Author: Tim Devaney, ContributorPublished: July 31, 2015Copyright: 2015 The HillContact: jennifery thehill.comWebsite: -- Cannabis Archives 
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Comment #3 posted by runruff on August 03, 2015 at 07:56:28 PT
To wrestle with the wind!
Like the lessons forgotten with the prohibition of alcohol, like the lessons forgotten with the war on Vietnam, I wonder, will our collective historic memory fade on these past forty years just as fast? I've seen things! 
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Comment #2 posted by John Tyler on August 03, 2015 at 07:23:21 PT
it's about the money
The cannabis industry is starting to make a lot of money now. The banks and the financial industry want a piece of it. The financial regulations will be changed to accommodate them.
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Comment #1 posted by The GCW on July 31, 2015 at 17:35:35 PT
Cannabis shines light on truth and lies.
Eventually there will be equal access. No sane person doubts that. For the Feds to carry on with their insanity another day exposes them.And that's just one example under the magnifying glass with far reaching implication that go beyond the cannabis issue.Cannabis exposes the truth.So citizens must sue their government to stop their government from harming them.
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