Since moving my family from the DC metro area to Denver last summer, curious friends and family have often asked about the marijuana industry out here in the Mile High City. After eight months in beautiful Colorado, I can report that yes, we have a pot shop just up the street (actually, it's a pretty fancy "cannabis boutique") and yes, the marijuana industry in this state is booming and thriving. In 2015 alone, Colorado reportedly collected more than $135 million in taxes and license fees related to legal marijuana sales, with more than $35 million of those funds earmarked for public school construction projects. But is the Mary Jane Gravy Train about to find a major roadblock in its path?
The Trump Administration is signaling that a major shift in federal marijuana enforcement policy may be just around the corner. As we have blogged about in the past, credit unions providing, or interested in providing, financial services to marijuana-related businesses already face significant legal, compliance and operational challenges, and these difficulties are about to get worse.
From The NAFCU Compliance Blog, written by Pamela Yu, Special Counsel for Compliance and Research, NAFCU