U.S. Federal Reserve System Seal. Image via Wikimedia Commons
Kieran Nicholson ~ Denver Post ~
 
A Denver-based credit union aiming to become the first of its kind — one created to serve the Colorado marijuana industry — has suffered a setback.
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The Fourth Corner Credit Union's application for a "master account" has been denied by the Federal Reserve Bank. Approval would have paved the way for a new era for the state's cannabis industry, which has been forced to rely on cash because it is still illegal under federal law, a fact that has led almost all banks to refuse to open accounts.
 
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