DENVER -- Colorado has granted a charter for the first financial institution to serve the state's cash-only marijuana industry. But action by the National Credit Union Administration and the Federal Reserve is needed, and pot's still illegal under federal law.
The charter is a step to resolving a problem for the industry, which generally is unable to obtain traditional banking services. Dispensaries frequently transport cash -- a crime risk -- and use cash to pay employees, expenses and taxes.
The Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union. The Denver Post reports it could open in January.
Fourth Corner must get insurance from the National Credit Union Administration, but can operate until the administration decides. It also must get a master account from the Federal Reserve.
