(Brett Levin Photography) In an effort one legislator likened to throwing spaghetti noodles against the wall to see what sticks, a proposal this week to set up a financial co-op within the marijuana industry has met with a swift death.
The plan was born out of a need for state-licensed marijuana businesses who don’t want to be limited to a cash-only basis, but that can’t go through the usual banking process for their financial needs. Because marijuana is still outlawed on a federal basis, banks have shied away from doing business with pot shops in Colorado, despite guidance recently released by the feds for banks.
The proposal would’ve allowed those dispensaries and stores to create their own sort of uninsured credit union, and was introduced late on Wednesday in the state legislature. It still would’ve required the he U.S. Federal Reserve to grant permission for the co-ops…
View original post 181 more words