Colorado News: Credit Union Wants To Tap Cannabis Industry; Marijuana Legalized in Colombia
Dispensaries in Colorado heard news of a Credit Union took to court on Monday its interest to tap the Cannabis Industry. Moreover, legalization of marijuana worldwide has taken another step forward after Colombia officially legalized the crop recently, according to sources.
Medical researchers, Rastafarians, dispensaries and medical-marijuana users alike would be familiar with the developing news and effects of the legalization of marijuana in Colorado and how the cannabis industry is only a cash-only enterprise, which is something Fourth Corner Credit Union is trying to tap to give sactioned legal marijuana companies the ability to utilize the US banking system, as reported by Inverse.
The Denver-based Fourth Corner Credit Union took the Federal Reserve to court on Monday with the intention to be the first financial institution of the state of Colorado (and of the nation) to cater to the cannabis industry and allow lawful marijuana dispensaries to issue credit or receive deposits, as stated by the LA Times.
As the legalization of marijuana worldwide gears forward, news of the Fourth Corner Credit Union in Colorado wanting to grant pot banks access to the nation's financial system could only mean that it could serve the government's interest in keeping better tabs on drug money, as argued by the lawyer of the credit union, Mark Mason, according to Freep.
"They intend to take this money out of shadows and off of the street so that they can track it and trace it," the lawyer stated, courtesy of the source.
In more recent news, Colombia's President Juan Manuel Santos signed a decree that legalizes the sale and growth of marijuana for medical use, as the country shifts away from US-backed drug policies, courtesy of The Guardian.
"The new rules represent a major step that put Colombia at the vanguard and forefront of the fight against illness," the Colombian President said during the signing ceremony for the country's legalization of the marijuana plant, as stated by the source.
"This decree allows licenses to be granted for the possession of seeds, cannabis plants and marijuana," Santos said, according to Yahoo News.
"Our goal is for patients to be able to access medications made in Colombia that are safe, high-quality, and accessible. It is also an opportunity to promote scientific research in our country," he further added.
