Colorado working on first marijuana financial system

By: Matt McGovern Email
By: Matt McGovern Email
The Bill has been approved by the Colorado State House despite the concerns that the plan will actually work.

The Bill has been approved by the Colorado State House despite the concerns that the plan will actually work.

COLORADO (NBC) - Colorado is working to form the first financial system for marijuana.

The Bill has been approved by the Colorado State House despite the concerns that the plan will actually work.

The plan would let state licensed marijuana businesses form a co-op that acts as a credit union, but it would not be insured by the federal government.

Because recreational marijuana is still illegal under federal law, federally insured banks cannot handle the money from pot dispensaries.

Forcing the marijuana dispensaries to act as cash only businesses.

State legislators know that the plan is a long shot, but they are trying everything they can to move the pot industry away from cash.

Colorado lawmakers fear leaving them as cash-only businesses makes it harder for them to detect illegal activities such as money laundering.


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