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Colorado Lawmakers Want Pot-Industry Bank Option

Now that Colorado has gone green with the recreational use of cannabis now legal. The state is looking to get the banking system on board with the formulation of a cannabis co-op that will work with the Federal Banking system. “A Colorado plan to set up the world’s first financial system for marijuana cleared its first hurdle in the state Legislature Thursday, despite deep reservations from supporters that the plan will work.The bill approved 9-2 by a House committee is prompted by frustration with recent marijuana banking guidance from the U.S. Treasury Department.The measure would allow state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union. The U.S. Federal Reserve would still have to grant permission for the co-ops to provide banking services like checking and credit. Sponsors acknowledged the plan is a long-shot attempt to again try to move the marijuana away from its cash-only roots without running afoul of federal law. Colorado has struggled for years to find ways to help its pot industry access banks. “I don’t know whether this will take an act of Congress or an act of God at this point,” joked Rep. Jonathan Singer, D-Longmont and sponsor of the bill.The pot co-ops also would have to comply with the new federal requirements on banking for the marijuana industry, including filing detailed reports to show that sales revenue is not ending up in the hands of criminal organizations.” http://www.news-republic.com/Web/ArticleWeb.aspx?regionid=1&articleid=22461750

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