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Wed May 7, 2014, 11:20 PM

CO Senate OKs Co-op Banking for Marijuana Bizzes


The Colorado state Senate passed a bill on Wednesday to create the nation’s first state-run marijuana financial cooperative, with the ultimate aim of opening newly legalized cannabis retail outlets to key banking services through the Federal Reserve.

The 24-11 vote approving the so-called “cannabis credit co-ops” came days after the state House of Representatives cleared its own version of the bill, which seeks to address problems marijuana retailers face in having to operate on a cash-only basis.

House-Senate negotiators must now reconcile differences between the two versions in hopes of sending a compromise bill back for final floor votes in both chambers before the Democratic-controlled General Assembly session ends at midnight.

If they meet the deadline, the legislation will then head to Governor John Hickenlooper, a Democrat, who is expected to sign the bill into law.

This, Democratic Rep. Jonathan Singer noted - was the final piece of legalese to make marijuana businesses sustainable.

oh darn. I was ready to go to CO and open my COCASH biz.... script that could be used in Colorado for purchases, no matter what the biz... not that I had the capital... but I did have the thought.

But then I thought... I'll have to wear big sunglasses and fat gold rings on my pinky fingers - so it's probably all for the best.

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