…A legal battle between the Federal Reserve and the would-be Fourth Corner Credit Union, which was set up last year to serve Colorado’s $700 million-a-year marijuana industry.
The credit union can’t open without clearance from the Federal Reserve, which said in its filing that “transporting or transmitting funds known to have derived from the distribution of marijuana is illegal.”
Colorado chartered the Fourth Corner Credit Union after the Treasury Department issued its guidance last year on marijuana banking. Fourth Corner was designed to give the industry in Colorado a safe place to bank while paying steep fees to account for all the hoops set up by the Treasury Department.
The credit union then needed permission from the Federal Reserve to access the national banking system and perform electronic transactions. No dice.
Keep up with the banking story. It’s key. Find the original post is HERE.
Money is the battleground where, eventually, cannabis becomes legitimate. America is all about money, and in the end, the demise of cannabis prohibition is going to be primarily about tax revenue. I am fine with that. Let’s discuss the price of our freedom. I will even sweeten the deal.
Re-legalize and I promise, on behalf of everyone who loves cannabis, that we will not — in the short term — expect or demand an apology from anyone in a position of responsibility for the 80+ years of lies and fear. Let us go so we can build a legal, regulated cannabis market and we will leave to history the timing of the apology owed.
Now, before people start thinking that HMJ portrays the federal government as some kind of monolith, we acknowledge that the federal government is not one big, hive-mind. Sanity still manages to peek through, and, in the fullness of time, the very people who continue to enable cannabis prohibition will, in the end, be the people who bring the lies and fear to an end. This next story is part of that idea.
Giving legal support for an earlier move by Congress, a federal judge ruled Monday (Oct. 26) that the federal Justice Department is forbidden from prosecuting or otherwise interfering with cannabis operations that are in compliance with state law.
In a blistering smackdown to federal drug cops that could soon become a landmark ruling, U.S. District Court Judge Charles R. Breyer affirmed that recent actions in Congress prohibit the Drug Enforcement Agency (DEA) and U.S. Attorneys from taking action against California’s “heavily regulated medical marijuana dispensaries.”
Find the full story HERE.
[Image via www.lamarihuana.com]
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