Colorado marijuana businesses in need of a bank account, take heart. Banking services may soon be available via a unique credit union.
According to The Denver Post, Fourth Corner Credit Union obtained an unconditional charter on Wednesday to begin delivering financial services to cannabis companies in Colorado, and that could start as soon as Jan. 1.
“Yesterday, I issued a charter for a pot credit union,” Colorado Financial Services Commissioner Chris Myklebust told The Post on Thursday. “That is a huge deal for Colorado and for these legitimate businesses.”
The National Credit Union Administration still has to sign off on insurance for Fourth Corner, and the Federal Reserve also has to grant the union a master account. Though the insurance application through the NCUA could take up to two years, the master account from the Fed will likely be delivered soon.
The credit union can still offer services to marijuana businesses while it waits for word on its insurance application to NCUA, according to The Post.
Fourth Corner obtained a bank routing transit number from the American Bankers Association back in July, following conditional approval from the state.
Fourth Corner is the latest attempt by the industry to solve the problem of a lack of banking services for legal marijuana companies, and isn’t affiliated with a move in the Spring by the state Legislature to set up a financial cooperative for Colorado’s cannabis industry.