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Colorado Pot Banking Case Tests Federal Drug Rules
Source: Associated Press
Colorado Pot Banking Case Tests Federal Drug Rules
By KRISTEN WYATT, ASSOCIATED PRESS
DENVER — Dec 27, 2015, 12:37 PM ET
A marijuana banking case set for arguments Monday is testing the federal government's stated goal of addressing the cash-only nature of the quasi-legal pot industry.
But should pot sellers be able to use the nation's banking system as long as marijuana is an illegal drug? It's a question before a federal judge trying to weigh a Colorado-chartered bank's attempt to force the U.S. Federal Reserve to let those pot shops access the nation's banking system.
The case involves Fourth Corner Credit Union, which Colorado set up last year to serve the marijuana industry.
Federal banking regulators have issued guidelines for how banks can accept money from pot sales, but banks frequently say those guidelines are unwieldy. That leaves many pot shops stuck trying to pay bills and taxes in cash.
No major marijuana-related cash heists have been reported in Colorado, but the cash-intense nature of the pot industry leaves many in the business feeling nervous about operating in cash. Many Colorado marijuana businesses use armed security.
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By KRISTEN WYATT, ASSOCIATED PRESS
DENVER — Dec 27, 2015, 12:37 PM ET
A marijuana banking case set for arguments Monday is testing the federal government's stated goal of addressing the cash-only nature of the quasi-legal pot industry.
But should pot sellers be able to use the nation's banking system as long as marijuana is an illegal drug? It's a question before a federal judge trying to weigh a Colorado-chartered bank's attempt to force the U.S. Federal Reserve to let those pot shops access the nation's banking system.
The case involves Fourth Corner Credit Union, which Colorado set up last year to serve the marijuana industry.
Federal banking regulators have issued guidelines for how banks can accept money from pot sales, but banks frequently say those guidelines are unwieldy. That leaves many pot shops stuck trying to pay bills and taxes in cash.
No major marijuana-related cash heists have been reported in Colorado, but the cash-intense nature of the pot industry leaves many in the business feeling nervous about operating in cash. Many Colorado marijuana businesses use armed security.
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Read more: http://abcnews.go.com/US/wireStory/colorado-pot-banking-case-tests-federal-drug-rules-35964029
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
Both stores have an ATM & the ATM guy said that he fills most places once every 7-10 days, but he's at the pot shop every other day. 
In the end, profit will win & the feds will come to their senses. Question is, will corporate America? I think that pre-employment drug testing, even for pot, will continue, even if it's legalized. ???
