Colorado lawmakers approve plan for pot banking

[Omaha Steve]

Source: AP-Excite


By KRISTEN WYATT

Colorado lawmakers approved the world's first financial system for the marijuana industry Wednesday, a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services.

The plan seeks to move the marijuana industry away from its cash-only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal.

The result: Pot shop owners deal in large amounts of cash, which makes them targets for criminals. Or they try to find ways around the problem, like drenching their proceeds in air freshener to remove the stink of marijuana and try to fool traditional banks into accepting their money.

"This is our main problem: Financial services for marijuana businesses," said Sen. David Balmer, R-Centennial. "We are trying to improvise and come up with something in Colorado to give marijuana business some opportunity, so they do not have to store large amounts of cash."

FULL story at link.


Read more: http://apnews.excite.com/article/20140508/us-marijuana-banking-51beee6608.html

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Rep. Jonathan Singer, D-Longmont, listens to discussion on a bill he sponsored which would allow marijuana dispensaries to form financial co-operatives, at the Colorado Legislature, in Denver, Wednesday May 7, 2014. The plan to create the world's first financial system for marijuana came back to life in the Colorado Legislature May 7 when lawmakers revived the bill which sponsors called the state's best hope for moving the marijuana industry away from its all-cash basis. (AP Photo/Brennan Linsley)

[Politicalboi]

1. It's called letting the shops accept ATM cards

But will the Feds come and steal it all in the end? What they should do, is accept ATM cards, or come up with their own cards which you put money on, like a gift card that ID's you as a legal patient. And invest in Fabreeze.

[snowjob]

2. Up. up and away

This sounds like good progress for start-ups, but if the Republicans take control of the Senate and House and White House, all of this could go away very quickly unless Holder reschedules, so be sure to VOTE in every upcoming election. Voting is our most powerful tool. VOTE,VOTE,VOTE.

[Dustlawyer]

3. Who could have ever predicted Pot shops would bring in a lot of cash?

[IronLionZion]

4. Hmm...what if they sold memberships like the Dallas Buyers Club?

Buy a membership to the club and get some product for free?

I wonder if there's any chance of changing federal law after the election if Dems retake the house and keep the senate