I've got a quick update with some huge news for cannabis investors: Some of the clouds surrounding banking and marijuana-related companies have cleared.
That's thanks to the recent end of a 40-month legal fight by Denver, Colo.-based Fourth Corner Credit Union to win favor with the Federal Reserve Bank of Kansas City.
On Feb. 2, the Kansas City Fed gave conditional approval to Fourth Corner Credit Union to launch its business catering to cannabis-related companies.
It's easy to see the upside for companies in the legal cannabis sector. You and I take access to banking for granted, but that service was largely unavailable to these firms who'd been forced into a cash-only existence, with all the hassles that entails.
Banking still isn't wide open… yet. But to understand exactly how important this is, let's backtrack a little.
About the Author
Michael A. Robinson is one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.