Medical Marijuana Status In Colorado

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For some months, Mr. Mason, 54, has been thinking about the bank and how, he said, “to break in.” Not to take money, but to leave it. Mr. Mason and a group of other entrepreneurs in Colorado want to start the first-ever financial institution established specifically to serve the pot industry.

In order to do that, they need to make Federal Reserve account deposits, and the agency hasn’t let them. Such humdrum administrative decisions are made all the time by federal banking officials, but this one raises big political and legal issues between the federal government and Colorado over the legalization of marijuana.

To read more, visit http://www.nytimes.com/2015/02/08/business/marijuana-industry-in-colorado-eager-for-its-own-bank-waits-on-the-fed.html?_r=0

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