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 a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
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