Federal Reserve Denies Colo. Pot Banks

While the marijuana industry is legally thriving in Colorado, the Federal Reserve has blocked its access to nation’s financial system. Denver’s Fourth Corner Credit Union was denied access on Thursday to a “master account,” which would streamline business operations for the state’s hundreds of licensed dispensaries. Many big-name banks have been reluctant to work with marijuana businesses because the weed is illegal on a federal level. Most dispensaries operate on an all-cash basis and improvise their banking practices with safes and armored cars.