Judge State Pot Credit Union Can’t Access Nation’s Banking System
DENVER (AP) — A judge has dismissed a lawsuit that sought federal approval for a credit union aimed at serving marijuana businesses in Colorado, saying allowing it "would facilitate criminal activity."
Colorado's Fourth Corner Credit Union challenged a decision by the U.S. Federal Reserve Bank of Kansas City to keep the pot bank from accessing the nation's financial system. But U.S. District Judge R. Brooke Jackson dismissed the lawsuit Tuesday because marijuana remains illegal under federal law.
Jackson says the situation is untenable, and he hopes it will soon be resolved by Congress.
Aaron Smith, executive director of the National Cannabis Industry Association, says the ruling sends the message that Congress must act. He adds, "There's no workaround to fix this industry-wide."