Lawsuit for marijuana banks dismissed
As long as federal law says marijuana is illegal, the nation’s banking system won’t let new pot-based credit unions have access. A judge dismissed the lawsuit brought by Fourth Corner Credit Union after the Federal Reserve Bank of Kansas City refused to allow the credit union join the nation’s banking system. He acknowledged however that Congress likely will have to make some changes because the situation is untenable. The ruling means marijuana businesses will have to continue operating on a cash-only basis, despite more and more states legalizing weed.