Fourth Corner Credit Union Looks to Get In on Pot Processing
Marijuana legalization is one of the big hot-button issues of the day, with some wanting the right to spark up at any time, some ready to battle against the demon weed, and some wondering what all the fuss is about, anyway. Fourth Corner Credit Union in Denver is looking to get in on the fight itself, and is pushing the Federal Reserve Bank of Kansas City for help.
Fourth Corner is looking to set up a master account with the branch of the Federal Reserve, and has already filed a civil complaint from the end of September to help force the issue. Apparently, the Federal Reserve required some extra information from the credit union, who took exception to this request, noting that the Fed isn’t asking anyone else for this information before issuing a master account.
Fourth Corner has, by some reports, been working to get this account in place since November 2014, after it landed a state charter to serve marijuana industry recently legalized in Colorado. Fourth Corner did make a shift away from its target market at the time, instead focusing on social groups addressing marijuana legislation.
While Fourth Corner is working on the infrastructure side of things, the brass tacks part may already be addressed by tools like CanPay, a mobile payments system that’s already getting started up in Hawaii and may well branch out from there if, or maybe when, more states legalize marijuana.
Say what you will about marijuana legalization, but there seem to be plenty of states who are interested in getting this started. Conflicts between federal and state law aside, that means a new infrastructure demand, particularly for a secure payments mechanism. Whether it’s support for social groups or for actual boots-on-the-ground dispensaries, payment systems are going to be a part of that action.
It remains to be seen if Fourth Corner can get anywhere with its requests for a master account, but if it accomplishes this task, it will be a substantial part of marijuana operations in Colorado for some time to come.