DENVER (CBS4) – The State of Colorado wants to make business easier for the marijuana and hemp industries. Gov. Jared Polis and the Department of Regulatory Agencies released a new plan to do so on Monday.
The goal is to increase the number of banks which will work with cannabis businesses in Colorado. Officials also hope for more clarity and security for banks.
“The roadmap’s seven primary areas of focus include providing clear regulatory guidance, encouraging new and emerging technologies in the banking and financial services space, reducing barriers while upholding consumer protection guardrails, and demonstrating state support for financial businesses wishing to explore cannabis banking,” state officials stated in a news release.
Now, marijuana businesses cannot use federal banking and work on a cash basis which officials say poses a safety risk.
“As a credit union, we saw the need to help pioneer a way to offer basic banking services to the cannabis industry to safeguard communities and our monetary system. Fortunately, the state of Colorado shared these goals,” said Sundie Seefried, CEO of Partner Colorado Credit Union.
Seefried joins Congressman Ed Perlmutter, Treasurer Dave Young and the state in the new plan.