By Kristen Wyatt | The Huffington Post
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.
Statement by Ryan Hurley: “Once again, Colorado takes matters into its own hands and will solve a problem that the federal government and the existing banking system have been incapable of fixing. This is the single most important issue to the success of the legalization, taxation and regulation of cannabis. Hopefully banks will step up and recognize this historic opportunity.
Related: Arizona judge won’t clarify ruling on marijuana
If you’d like to discuss marijuana issues, contact Ryan Hurley, director of the Rose Law Group Medical Marijuana Dept. rhurley@roselawgroup.com
