Montmorillonite is one of the constituents of Bentonite, aka "Driller's Mud." They are silicates of a structure that swells strongly when wet, and makes drilling coolant more effective by making it slimey and it seals the sides of the drill hole to reduce loss of that fluid.
Because the swelling involves penetration of a layered crystalline structure, contact between water and silicates is very high. While this can result in a very high CEC, the principal ion exchanged from it is usually sodium which can be a problem in some tanks with softer water. Basically it is like using water-softener water, which can be a terribly bad idea in already soft water that lacks the other essential electrolytes, particularly potassium.
Unless you know your water is already very hard, I would urge some caution about using it.
On cloudiness, it tends to form a gel (which is why it seals drill holes) so I would not expect it to stay in suspension very long. It will give you a very slimey substrate, tho.
Wright
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