Sign Banking Document Colorado Myself

Industry sign banking colorado document myself

we received our charter approval for the state of Colorado on November 19th of 2014 the next phase is really getting the approval at the federal level we don't have an expected date for for our doors to open however we're ready to go the fourth corner credit union wants to serve the marijuana industry they're waiting to open we have banking issues in the marijuana industry no bank is willing to take our business so how did we get to this point let's back up a bit in 2012 Colorado and Washington have legalized recreational marijuana Oregon Alaska and DC followed suit in 2014 but since the drug is still illegal at the federal level and many banks are federally regulated and insured most banks don't want to work with the industry a case in point Green Man cannabis in Denver I've been kicked out of seven banks in the last six years when we're kicked out of the last one we made a decision not to open up any other account as we're so clear that we're having trouble keeping up we can't take credit cards you can't take debit cards you can't take a catch for about a year and a half now we've been 100% in cash that means a big headache and a big armored car back in the day I want to be a police officer never really saw myself transporting you know cash and product for the marijuana industry you know it's funny people go well you're driving a truck around with a five foot pot leaf on the side aren't you just painting a bull's-eye on yourself and I say well we're carrying one hundred two hundred thousand dollars worth of cash Brinks and Loomis and garda they're carrying three four five million dollars in cash I don't know why any criminal would be dumb enough to go after a target like us if they were actually able to successfully robbed that truck we end up paying between twelve and fourteen thousand dollars a month to handle our cash that's from transporting it's counting it paying all of our bills it's a very expensive proposition but things are starting to change in 2013 the Department of Justice issued a memo it said marijuana is still illegal but if you don't meet one of eight criteria like distribution to minors then you won't be targeted by federal law enforcement that opened the door a crack two years later the Treasury which enforces Financial Crimes but also wants to promote transparency says that there are currently 185 banks and credit unions that have reported working with marijuana businesses but it's kept confidential which brings us back to the fourth corner which wants to be out in the open we have built our financial institution around compliance but as a new credit union they need approval from the Federal Reserve that usually takes about a week or two after four months no comment from the Fed what we would like to do is help the cannabis industry move from a cash based system into an electronic banking system it's really time to change this federal law you