Cannabis Industry executive Mark Goldfogel has been named Executive Vice President for Industry Relations at the Denver-based 4th Corner Credit Union, the first open source of banking services for the legalized cannabis industry.

Goldfogel was a founder of C4EverSystems, a cash handling kiosk set up to meet banking compliance guidelines for cannabis transactions, and was a co-founder of MJ Freeway, the popular point of sale software for cannabis businesses. He has also held management positions at ADP and John Deere, and is also a regular contributor to CBE Press.

In a statement about his new position, Goldfogel said:

I may be the first marijuana executive in history to accept a position in banking.

The 4th Corner Credit Union aspires to be the first dedicated and open (transparent) source of banking services for the legalized Cannabis Industry.  There is nothing indirect or workaround about the 4th Corner Credit Union. Unlike the many banks and credit unions that have entered and exited this market, this is more like a collective of people with a common interest. It is the way to solve the industry’s banking problem– organically. The solution is compliance with state regulations and the eight priorities outlined by the FinCen and Justice Department memos last year, and the ones yet to be written. …

As the industry relations person for the credit union, it will be my responsibility to be the voice of cannabis for the credit union — like the Lorax in a suit. Your support is invaluable as we finally allow cannabis transactions to enter the banking system in a sustainable and safe way.”

Mark will continue to write on banking and technology matters for CBE Press. You can reach him at [email protected].