New Colorado Law Establishes State-run Marijuana Banking Co-ops

Posted by: Paul Ebeling

Friday, Colorado’s governor signed into law a measure to create the nation’s 1st state-run Marijuana financial cooperative, potentially giving newly legalized Cannabis vendors access to banking services through the US Federal Reserve system.

The bill signed by Governor John Hickenlooper permits the creation of so-called “Cannabis Co-ops” similar to credit unions without deposit insurance, which will be governed by the state’s financial services commissioner.

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