Colorado Lawmakers Pass Marijuana Banking Legislation
Thursday, May 08, 2014
The Colorado legislature has approved a bill that would allow marijuana businesses to use regulated co-ops for banking, moving the industry from being an all-cash operation.
The co-ops still require the approval of the U.S. Federal Reserve before they can begin operating.
The bill is expected to signed by Governor John Hickenlooper, despite disapproval of the bill by the Colorado Bankers Association, who did not agree with the addition of hemp farmers using the bank.
The Denver Post’s David Migoya joins Here & Now’s Jeremy Hobson to discuss the measure.