DENVER – Two Colorado congressmen helped arrange a meeting between the Federal Reserve, state financial institutions and representatives of the state’s marijuana business.
The goal was to open more banking services to Colorado’s cash-intensive pot business, but no word was released on what was discussed at the meeting, which was first reported by the Associated Press.
Attending the closed door meeting, which was arranged by Reps. Ed Perlmutter (D-CO) and Jared Polis (D-CO), were Kansas City Federal Reserve President Esther George and a number of Colorado bankers.
“(George) was gracious enough to take up our invitation to meet … so that she could hear firsthand the challenges that they face lacking access to our banking system,” Polis told reporters after the meeting, according to the AP.
Bank accounts for pot businesses remain problematic, because marijuana remains illegal under federal law. Fourth Corner Credit Union, which has been chartered by the state regulator to serve the state’s marijuana industry, still needs the OK from the Federal Reserve before it can officially open.