When I read the news last week that the Federal Reserve had denied a master account for The Fourth Corner Credit Union, a Colorado state chartered bank, I nearly blew a gasket.
And frankly, the more I read about the rational for denial, the angrier I get at our Federal Government.
Hell, for that matter, I’m getting more and more pissed off at the entire federal government bureaucracy and the politicians that create the laws (or more accurately, fail to create them, as has been the case with the great bipartisan divide that this country has existed in for the last two decades) and their oppressive Edwardian attitude of “do as I say not as I do.”
Big Brother is still flexing its muscle in the failed war on drugs that was initiated by our parent’s generation, and it is time for the bullying and interference to stop. Let the pioneers that are working so hard to create the next great legal industry compete on an even playing field before we give it away to foreign competitors like we have by over regulating other U.S. industries in the past.
In the last year alone, I have witnessed federal government interference with legal and electorate-supported state initiatives even though the Obama administration has provided the opportunity to experiment and demonstrate that cannabis can responsibly be regulated for medical use and for adult use.
And now, just when it seems like the Fed (yes the Federal Reserve) can help provide a tool — banking services — to an industry that has struggled with the dangers of transacting entirely in cash, leveling the playing field for the Cannabis Industry, the evil empire strikes again.
Last month, another federal bureaucratic institution, the National Credit Union Administration (NCUA), decided not to grant Denver’s Fourth Corner Credit Union deposit insurance, similar to the $250,000 coverage that the Federal Deposit Insurance Corporation provides for standard bank accounts. According to The New York Times, the reason the Fourth Corner Credit Union was not eligible for deposit insurance was that it had not proved how it would mitigate the risk associated with serving a single industry that does not have an established track record of success and remains illegal at the federal level.
What a load of crap; let’s stand in the way in any way possible to impede success so we can cite that as the reason for not granting access to our national financial system!
Until Federal agencies and their aging bureaucracies stop colluding to impose their collective will to fix the game and make it unnecessarily difficult for the Cannabis Industry to succeed, these pioneers will continue to play in a game that is fixed under the perpetuated myth of the Controlled Substances Act.
We all need to continue to raise the level of noise to confront an invisible hand that no longer represents the will of its citizens, but desperately clings to the dishonesty and arrogance of the Nixon Administration that ignored their own findings to start an expensive war that is still being waged by the bureaucratic remnants of a failed past.
Rob Meagher, CBE’s Founder, President and Editor-in-Chief is a 30 year veteran of the media world. His career has spanned from stints representing the Washington Post, USA Weekend, Reader’s Digest, Financial World & Corporate Finance to the technology world where he worked at International Data Group and Ziff Davis where he was part of the launch team for The Web Magazine, Yahoo Internet Life, Smart Business and Expedia Travels before starting his own marketing and Publisher’s Representative Firm. He also ran all print and online media sales and marketing for the Society for Human Resource Management before partnering with Forbes and then Fortune to create Special Sections covering a variety of topics. Rob, who started CBE Press in 2014, can be contacted at [email protected]
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email.
Notify me of new posts by email.
PRESS RELEASE Los Angeles, California – May 30, 2023 – Jointly, a cannabis discovery and software company, today announced a groundbreaking partnership with Cova, a leading provider of cannabis point…
By Hilary Bricken, Principal, Harris Bricken The California cannabis market is truly struggling all the way around. Cannabis businesses and those who work with them closely face mounting financial pressure.…
With a name like Mountaintop Extracts, one might assume that delivering the highest high was the goal of the founders of this Albuquerque, New Mexico-based producer, but it was not.…
To get publicity for your cannabis brand or business from journalists, you need to understand what writers and media professionals want from brands and businesses. Sending a pitch and expecting…