Justice
The World's First Marijuana Credit Union Will Open in January
Thanks to an overlooked law, Colorado's legal pot enterprises will finally get the legitimate banking services they need. But discord with the feds still casts a shadow over the industry.
Since Colorado opened the floodgates to recreational pot last January, revenues have soared. Estimated sales in August alone totaled $34.1 million, after months of profits in the tens of millions.
Yet the marijuana industry has struggled with what to do with all that green. With pot still illegal on the federal level, many banks and credit unions have hesitated to do business with vendors, despite guidance efforts from the U.S. Departments of the Treasury and Justice. Sellers have continued to operate largely through money orders and ATM withdrawals.