The National Cannabis Industry Association is not pleased with the decision. The credit union can’t open without the Fed’s blessing, which would allow it access to the U.S. banking system and the ability to conduct electronic transactions.
Related: Rand Paul backs effort to bring banking to legal marijuana businesses
“When the Fed stonewalls a solution crafted with the cooperation of state officials and designed to meet the Treasury Department’s own guidelines, it’s clear this conflict has gone too far,” said Taylor West, deputy director of the Denver-based National Cannabis Industry Association.
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