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.
Mark Goldfogel is an entrepreneur, consultant, writer, and speaker. He is credited with having first proposed “Seed to Sale Tracking” as a means of diversion control, taxation, and health and human safety to the State of Colorado. He co-founded the cannabis industry’s first compliance inventory control system and was a key advisor to The Fourth Corner Credit Union, a financial institution with a banking charter to support the “Hemp and Cannabis Movement.” He has advised States, non-industry companies wishing to enter the industry, and startup companies capitalizing on the opportunities and avoiding the potholes of the budding cannabis industries. For a free copy of his book, Smoking Something, The Cannabis Paradox10, (Amazon $24.20) please send an email to [email protected]
Thank you for working toward a common sense solution for the cannabis industry.
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