Colorado lawmakers reject cooperative banking for pot shops

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Colorado lawmakers reject cooperative banking for pot shops

Matthew Huron, owner of two medical marijuana dispensaries and an edible marijuana company in Denver, examines a marijuana plant in his grow house. Medical marijuana is legal in 17 states, but the industry has a decidedly black-market aspect – it’s mostly cash-only. That’s because banks won’t touch pot money. The drug is illegal under federal law, and processing transactions or investments with pot money puts federally insured banks at risk of drug-racketeering charges.

Colorado lawmakers reject cooperative banking for pot shops

Matthew Huron, owner of two medical marijuana dispensaries and an edible marijuana company in Denver, examines a marijuana plant in his grow house. Medical marijuana is legal in 17 states, but the industry has a decidedly black-market aspect – it’s mostly cash-only. That’s because banks won’t touch pot money. The drug is illegal under federal law, and processing transactions or investments with pot money puts federally insured banks at risk of drug-racketeering charges.
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