In this article, CBS covers Colorado’s pioneering marijuana industry continuing to break new ground, especially when it comes to confronting financial and legislative issues surrounding cannabis. Colorado Governor John Hickenlooper on Friday signed into law HB 1398, a bill that allows legal marijuana businesses in the state to create what the measure calls “marijuana financial services cooperatives,” referred to in the statute as “cannabis credit co-ops.” Twenty-two states and the District of Columbia have legalized the use of medical marijuana, and earlier this year Washington state and Colorado legalized the recreational use of cannabis for adults. A big challenge for Colorado’s burgeoning marijuana industry is that most of its transactions are on a cash-only basis. That’s because cannabis remains illegal on a federal level and most banks and financial institutions won’t do business with marijuana-related businesses out of fear of federal prosecution. Read more in this article.
Colorado Agrees to Cannabis “Credit – Ops”
Jun 10, 2014