On June 27, 2017, a three-judge panel for the 10th U.S. Circuit Court of Appeals vacated a district court ruling that nixed Denver-based Fourth Corner Credit Union’s bid to receive a master account with the Federal Reserve Bank of Kansas City. Fourth Corner has been waiting since the end of 2015 for such ruling. The
10th Circuit Took Oral Arguments on Recreational Cannabis Violating RICO
Federal appeals court judges on Tuesday reviewed the reach of racketeering laws in a case that potentially could have catastrophic effect on the cannabis industry. At issue is whether the 10th Circuit Court of Appeals will allow private parties to sue state-licensed cultivations and dispensaries under RICO for what are, essentially, nuisance issues. Safe Streets,
10th Circuit Rules Bankruptcy Code Does Not Protect Marijuana Businesses
The 10th Circuit court ruled on August 21, 2015, that neither Chapter 7 nor 13 is available to a marijuana business owner. The court stated that because of “the federally illegal marijuana based income stream, the debtors cannot fund a plan without breaking the law, and are therefore ineligible for relief under Chapter 13.”