Proposed credit union would support legal marijuana businesses - KTIV News 4 Sioux City IA: News, Weather and Sports

Proposed credit union would support legal marijuana businesses

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New bank could help marijuana industry. New bank could help marijuana industry.
(CNN) -

A new bank could make doing business easier for legal marijuana stores.

The Fourth Corner Credit Union was formed specifically to support these businesses.

The bank is supported by a group of attorneys, business owners and legalization advocates.

Medical marijuana is legal in Colorado and 22 other states, but it's still illegal on the federal level.

That's led many traditional banks to steer clear of accounts for legal marijuana stores.

And that means many business owners have to operate on a cash-only basis, something they say is time consuming, costly and even dangerous.

The new credit union will still need approval from the federal reserve.

If it is approved, it could open as early as this month.

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