Medical Marijuana Banks? Colorado Lawmakers Propose Financial Co-Ops For MMJ Businesses
Democrat Sen. Pat Steadman along with Republican Rep. Tom Massey are co-sponsoring Senate Bill 75 which would allow medical marijuana businesses to create financial cooperatives that would be regulated similarly to credit unions
In September of 2011, the last bank in Colorado to openly work with medical marijuana businesses closed those accounts and shut its doors to working with dispensaries due to increased federal pressure. This left Colorado dispensaries between a rock and a hard place — state law requires medical marijuana businesses to keep track of their transactions, but record keeping becomes much more difficult without banks working with them, the Daily Camera reported in October.