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Senators Move Bill to Give Marijuana Industry Access to Banking

Submitted by Marijuana News on Mon, 07/13/2015 - 23:11

The Colorado Department of Revenue collects millions of dollars in taxes each month from marijuana businesses around the state. The state collected $9.6 million from sales of retail and medical marijuana in April, bringing the current year through May 1 total to $78 million.

Many of these millions are stuffed into duffel bags and driven to the Department of Revenue to be paid in cash.

“It can be really scary,” said Mike Elliott, the executive director of the Marijuana Industry Group.

After 18 months of full-scale legalization of recreational marijuana in Colorado, the federal government and state governments here and elsewhere have not found a solution to providing access to banking to the marijuana industry.

Industry officials have long lamented the dangers this places on workers and stores, where armed guards and cameras often protect the enormous sums of cash these dispensaries handle on a daily basis. In...

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URL: 
http://inewsnetwork.org/2015/07/13/colo-ore-senators-move-bill-to-give-marijuana-industry-access-to-banking/

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