Federal laws are putting a damper on Colorado’s budding marijuana business, as one Denver company connected to the retail pot industry has suddenly been cut off from its bank.
The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana.
The governors of Washington and Colorado are seeking more guidance from the federal government about banking services for their new legal marijuana industries.
Frustrated by the cash-heavy aspect of its new marijuana industry, Colorado is trying a long-shot bid to create the world’s first financial system devoted to the pot business.
Banking for marijuana businesses and property tax forgiveness for disaster victims headlined the final day of the Colorado Legislature on Wednesday, though the last hours were lacking the drama of many past sessions.
This week more new laws dealing with the legalization of marijuana may be coming from the state Legislature. Among them is a plan to give pot businesses access to a banking system.
A divisive plan to create the world’s first financial system for marijuana came back to life in the Colorado Legislature Friday, when lawmakers revived a bill sponsors called the state’s best hope for moving the marijuana industry away from its all-cash basis.
A Colorado plan to set up the world’s first financial system for marijuana has cleared its first hurdle in the state Legislature, despite deep reservations from supporters that the plan will work.
Rep. Mike Coffman is urging action on legislation that would allow legalized marijuana businesses to use commercial banks.
Congress members from Colorado and Washington are planning to try again to help marijuana business access banking services.