Last month witnessed a marijuana banking explosion.
Spanning 29 states and generating $7.2 billion in 2016, the United States’ legalized marijuana industry’s greatest obstacle—banking—was significantly reduced by the Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network’s (FinCEN) June 6, 2017, “marijuana banking update,” The Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City, No. 16-1016 — F.3d —- (10th Circuit, June 27) landmark opinion, and rise of the interbanking systems alternative to the barred use of credit cards in marijuana sales.
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