Colorado Law Sets up Marijuana Banks
Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world’s first financial system for the newly legal industry in Colorado. The legislation seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services like checking. But approval from the Federal Reserve remains a hurdle. Out of fear of violating federal law, banks don’t work with marijuana businesses. That has led [...]
