Colorado law sets up marijuana banks, awaits approval by Federal Reserve
Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world’s first financial system for the newly legal industry in Colorado.
The legislation seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services like checking. But approval from the Federal Reserve remains a hurdle.
Out of fear of violating federal law, banks don’t work with marijuana businesses. That has led to concerns that the burgeoning marijuana industry could be a target for robberies.
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