Pot bank begs for access to nation’s banking system
A Colorado bank for marijuana businesses had a simple request for a federal judge Monday when it went to court to seek access to the nation’s banking system.
“What do you want us to do with the money?” a lawyer for the pot bank asked.
Colorado chartered a special marijuana credit union last year. That’s because larger banks frequently shut down accounts tied to an industry that is still illegal under federal law.
But the U.S. Federal Reserve has kept the Colorado pot bank from being able to access the nation’s banking system. That’s because the Federal Reserve says the pot bank is too risky.
The judge grilled both sides but kept saying he has no power to make pot legal under federal law. He has no deadline to rule.
