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Fed Backs Marijuana-Focused Credit Union

Fourth Corner won’t serve dispensaries, focusing on ancillary businesses such as accountants and lawyers

A Federal Reserve Bank has given conditional approval to a Colorado credit union to serve marijuana-related businesses, though to win the Fed’s backing it agreed to step back from its original plan to serve state-licensed dispensaries.

Instead, Fourth Corner Credit Union will focus on individuals and companies that support legalized marijuana, including those who partner with vendors, such as accountants, lawyers and landlords. Fourth Corner sued the Fed three years ago over the issue.

 

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