1/6/2015 3:56:38 AM | less than a minute read

New bank could save the pot industry

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Gareth Jones

Co-Founder, FinTech Collective

Get in touch

Gareth Jones

Co-Founder, FinTech Collective

Welcome news for the all cash, legal marijuana industry here in the US. Here's what it will mean for those business owners.

They'll be able to have bank accounts; They won't need an entire team dedicated to keeping track of the cash; It'll be easier to pay employees (A pot business can't issue paychecks without a bank account); Their businesses will be safer (less cash on premisis) and they'll be able to accept credit cards!

`Fourth Corner Credit Union is supported by a group of attorneys, business owners and legalization advocates who see an opportunity where traditional bankers see only potential legal problems. Pending final approval from the Federal Reserve, it could open in January. "It will be much safer than the cash-based operation that exists today," said founding member Mark Mason. "The feds should be thrilled."

money.cnn.com/...