Not surprisingly, the court recognized existing precedent that cannabis remains a Schedule 1 drug, and so Fourth Corner’s charter can not be used for dispensaries or growers until further direction from Congress.
To many, this may seem like a hollow victory. But it is a significant one, and it beats a loss – especially, in a field of marijuana law that heretofore has been riddled by federal court losses.
Fourth Corner invalidated the argument of the Federal Reserve of Kansas City that it had discretion to pick and chose players in the banking system. Colorado’s sovereign authority to charter financial institutions was vindicated.
Sometimes our leaders do not represent the will of the people, and a financial institution in support of the cannabis industry will ultimately prevail over other non-specialized for-profit institutions for two basic reasons: passion and a common purpose to promote the best interests of the cannabis industry.
The Fourth Corner Credit Union, going forward as 4CCU, has carried that banner on behalf of the entire industry, and my gratitude to our attorney Mark Mason and our CEO Deirdra O’Gorman is unbounded.
We will file again for a Master Account and we will continue to do what we can, legally, to end prohibition for us all.