Another Setback for Cannibas Credit Union
Marijuana banking has been dealt another setback. A district court judge has dismissed a lawsuit filed by a cannibas credit union, Fourth Corner Credit Union, against the Federal Reserve Bank of Kansas City for denying the credit union’s application for membership. The Federal Reserve Bank had denied the application on the grounds that marijuana is still illegal under federal law. The credit union, which was chartered in Colorado in 2014, is still unable to accept deposits or issue credit. [1/7/16]