skip to Main Content
Fourth Corner Credit Union Case Not a Hollow Victory
A very substantial amount of resources have been committed to creating a not for profit financial institution in support of the hemp and cannabis movement.
This month, The Fourth Corner Credit Union was vindicated in a much celebrated 10th Circuit Court of Appeals ruling that proved conclusively that the movement deserves the right to coalesce its funds in the effort to end cannabis prohibition.

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

Mark Goldfogel

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]

This Post Has One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Stories

That Tainted Halloween Candy Myth Just Won’t Go Away

As children go trick-or-treating, it is exceedingly unlikely that your neighbor will put a razor blade in an apple, poison a wrapped Snickers bar, or, in this year’s version of the same old story, swap THC-laced gummies for regular candy, tricking innocent youngsters into accidentally getting high. Historically, such acts have not just been rare,…

Key vendor in Missouri’s medical marijuana program hit with $28 million judgment

A company hired by the state to score applicants for medical marijuana licenses has lost a $28 million lawsuit brought by one of the jilted companies. In the latest legal fallout from Missouri’s rocky rollout of its medical marijuana program, Wise Health Solutions was sued by GMT Consulting, which had joined a rush of companies seeking…

Virginia lawmakers explore an earlier start for retail marijuana sales

The start of marijuana retail sales in Virginia could come sooner than initially planned as lawmakers continue to discuss the ground rules for the new industry. The commission that oversees implementation of state legislation that legalized marijuana recently created a subcommittee that will draw up recommendations on how to expedite the start of retail sales…

Legalize recreational marijuana, tax at 15%, South Dakota pot panel says

The South Dakota Legislature should legalize, regulate and tax recreational marijuana, according to a panel of lawmakers who’ve spent months studying cannabis policy. The Marijuana Interim Study Committee wrapped up the work it began last spring Wednesday, when it formally adopted a recommendation to be sent to the full Legislature that would end South Dakota’s prohibition…

More Categories

Back To Top
×Close search
Search