Colorado Governor Signs Law Creating State-run Marijuana Banking Co-ops
Colorado’s governor signed into law on Friday a measure to create the nation’s first state-run marijuana financial cooperative, potentially giving newly legalized cannabis vendors access to banking services through the U.S. Federal Reserve. Mike Elliott, executive director of the Marijuana Industry Group, a trade association, said the Colorado law does not solve the banking problem because it is unlikely the Fed would sign off the proposal. Denver police underscored the safety issue this week when they sent out an alert saying investigators had received credible intelligence about a plot to rob marijuana business couriers in and around the city.
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