Legal marijuana sales in Colorado and other states has a serious security problem: most banks are afraid to take deposits from legal pot dispensaries because Federal banking law equates that with money laundering for drug dealers. This means that pot dispensaries need to store large amounts of cash, which is a huge security hole. However, a loophole in Colorado law may allow them to have real banking services starting January 1st:
Last week, Colorado's Division of Financial Services chartered the world's first credit union geared specifically for the weed industry. The Fourth Corner Credit Union could open as soon as January 1, the one-year anniversary of recreational legalization.
Why hadn't this already happened? It's because of a hitherto overlooked piece of Colorado law, which allows state-chartered credit union to operate immediately after applying for required federal insurance from the National Credit Union Administration. Normally, the credit union would have to wait until after obtaining that deposit. Fourth Corner will be able to have its doors open while it waits an estimated two years for NCUA to process.
That aside, we need a rational drug policy in the U.S., one that treats marijuana the same way it treats alcohol. An overwhelming majority of Americans support such a policy. Why can't we get it through?