Colorado approves world's first marijuana credit union

Colorado approves world's first marijuana credit union
(Image credit: Uriel Sinai/Getty Images)

Calling banking services "the end of the line" for Colorado's list of hurdles to legitimizing its marijuana industry, Gov. John Hickenlooper's office cheered Wednesday's state issuance of a pot credit-union charter. The world's first financial institution established specifically with weed in mind, the Fourth Corner Credit Union was approved by Colorado's Division of Financial Services, The Denver Post reports.

The credit union could open as early as Jan. 1, although it must still obtain insurance from the National Credit Union Administration, and there is no guarantee that organization will approve Fourth Corner. Still, the credit union can operate while the NCUA makes its decision, and that process can take up to two years.

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Sarah Eberspacher

Sarah Eberspacher is an associate editor at TheWeek.com. She has previously worked as a sports reporter at The Livingston County Daily Press & Argus and The Arizona Republic. She graduated from Northwestern University's Medill School of Journalism.