By Steve Elliott
In a high-stakes, closely watched lawsuit, the founders of the Fourth Corner Credit Union, which wants to become the world's first bank focused on the marijuana industry, is suing the U.S. Federal Reserve for the right to do so.
There's more at stake that just the fate of the credit union, reports Joel Warner at the International Business Times. The results of the case could have a ripple effect across the cannabis industry, which everyone agrees is currently lacking proper financial services.
"This transcript is going to be read around the world and your decision will have an effect around the United States in a major, major way," Mark Mason, attorney for the plaintiffs, told Judge R. Brooke Jackson on Monday.
"This isn't something that is going away," Mason said during his impassioned oral arguments for the credit union, whose founders include several members of his immediate family. “This is something that is going to be a part of the next generation and the future, and we need to get it right. And if we are not going to have banking ... and have millions and millions of dollars on the streets where bad things can happen, that is not responsible.”