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The Marijuana Industry in Colorado Could Get Banking Privileges

Submitted by Marijuana News on Mon, 06/08/2015 - 09:34

By Debbie Laity

For those marijuana business owners, what to do with the money is a problem. Most banks have refused to work with marijuana businesses for any kind of banking services and this includes something as basic as a checking account. This refusal is because marijuana is still illegal on the federal level and the banks don't want to violate any federal laws.

It should be noted that some credit unions will work with those in this industry, but they won't come out and publicly say so.

The Colorado legislature has passed a bill that will allow those in the marijuana industry to pool their money in co-ops. Not only will this help pot shop owners and growers, but it will also make it easier for the state to track tax revenues. There are some restrictions from the Federal Reserve, and unless the cooperatives can accept checks and credit...

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Colorado

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