A federal judge tossed and dismissed the marijuana-banking lawsuit. Owing to the prohibitions set forth by the law, the judge based his decisions that upon giving approval to Fourth Corner Credit Union is a breach of law.
Fox 31 Denver mentioned that the U.S. District Judge R. Brooke Jackson dismissed the claim because it is against the law. And the federal law forbids marijuana, while the majority of marijuana businesses are cash only.
Furthermore, the credit union challenged the decision of the U.S. Federal Reserve Bank of Kansas City. Meanwhile, The Cannabist added how the U.S. Department of Justice has given procedures on how banks deal with the legal marijuana businesses. Thus, making it clear that prosecutors would not chase investigations, particularly if the definite conditions are not met.
The Denver Post cited a statement released by Judge Jackson. It indicated, "These guidance documents simply suggest that prosecutors and bank regulators might 'look the other way' if financial institutions don't mind violating the law, and a federal court cannot look the other way."
In addition, the Fourth Corner's point of view was based on how the guidelines were unspoken approval of the pot-industry banking. Also, the decision rendered by Jackson clearly enforces the government's commitment to the enforcement of federal drug laws.
Even the prosecutors themselves are hereby obliged to apply certain precedence in implementing enforcement actions, but it can never change the law. However, Michael Elliott, the executive director of the Marijuana Industry Group retorted by saying that the marijuana industry will persist on campaigning for responsible banking solutions.
The primary aim of the group is to ensure that there is order in promoting accountability, transparency and even public safety. Meanwhile, on the other hand, a separate Fourth Corner lawsuit is still awaiting verdict in a federal court in Denver against the National Credit Union Administration.
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