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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.

Read more: http://www.gosanangelo.com/news/2014/jun/06/colorado-law-sets-up-marijuana-banks-feds-must/

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Stephen Carter

Stephen Carter is a 30 year old journalist and information technology specialist living in Waco, Texas. He has been working with the cannabis movement since 2009. He founded Texas Cannabis Report in 2013 to bring Texans accurate cannabis related news.

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