DENVER – A divisive plan to create the world’s first financial system for marijuana has come back to life in the Colorado Legislature.
Lawmakers have revived a bill sponsors called the state’s best hope for moving the marijuana industry away from its all-cash basis. The proposal would allow marijuana dispensaries to form financial co-operatives, sort of uninsured credit unions. The co-ops would take effect only if the U.S. Federal Reserve agrees to allow them to access payment systems.
“This is an important bill to move our state forward,” said House Speaker Mark Ferrandino, arguing pot shops’ inability to access financial services like basic checking makes the new industry hard to regulate.
The pot industry’s dilemma accessing banking services as basic as checking accounts is a widely acknowledged problem. But guidance issued by the U.S. Treasury Department in February to ease the problem appears to have made the situation worse, with banks calling the guidelines onerous.
Republicans in the House argued vigorously against the banking bill, calling it a long-shot pipe dream. Others groused the proposal is being rushed. It was introduced Wednesday – a week before the Legislature concludes for the year.
“This is a three-ring circus,” said Rep. Lori Saine, R-Firestone. “This is clowns coming out of the circus car.”
On the Net
House Bill 1398: http://bit.ly/R5seJf
