The Fourth Corner Credit Union
is set to become the first bank in the country specifically for those in the marijuana industry, the Denver Post
. The company is aiming to open in Colorado by Jan. 1, though at least one significant obstacle remains.
"The next hurdles will be obtaining insurance from the National Credit Union Administration, the federal regulator of credit unions, and getting a master account from the Federal Reserve System," David Migoya wrote. "Although the NCUA insurance is not guaranteed — sale and consumption of marijuana remain illegal under federal law — Fourth Corner can operate until NCUA makes its decision."
says federal regulators will mostly be looking at the credit union's business plan, fidelity bond, insurance and ability to comply with anti-money-laundering laws.
Any legally operating marijuana enterprise in Colorado can do business with Fourth Corner, as well as the cannabis-centric nonprofits that have sprung up in recent years. A location has been chosen but not divulged, pending the real-estate deal.
Board members include several from Colorado Springs, including Paige Figi and Heather Jackson, both associated with the Stanley brothers' Realm of Caring nonprofit. ROC grows Charlotte's Web, a high-CBD, anti-epileptic strain that the Stanleys are pushing across the country. It's named after Figi's daughter.
"This is the end of the line from the state's side," the paper quoted Andrew Freedman, Gov. John Hickenlooper's director of marijuana coordination, as saying. "We've done all we can do."