Lawmakers in Colorado passed a bill last week that would have the capability of finally allowing marijuana-related businesses access to Federal banks.
In the past, banks have been hesitant about getting into business with marijuana companies because marijuana is still illegal on a federal level, but this bill hopes to put an end to that.
The bill would enact something they are calling “cannabis co-ops”. In short, these co-ops will double as credit unions that will be overseen by state level financial service leaders, but it still stands to be determined how the Federal Reserve will handle access to credit cards and checking accounts.
Jonathan Singer, the bill’s sponsor says that “This sets up a new type of financial structure to the gap we’re seeing between banking and the marijuana industry.” This bill hopes to put an end to the cash only side of an otherwise completely legit business which has madeowners and cultivation centers targets for crime.