As we reported late May 7, the Colorado state House narrowly passed a pot banking bill that would create the first cooperative of its kind — and now the bill is on its way to Gov. John Hickenlooper’s desk for approval and a showdown with federal banking regulators.
It’s hardly the marijuana industry’s first attempt to have open access to banking, which Denver Post reporter David Migoya feels is the biggest challenge so far to the legal marijuana industry in Colorado.
Explaining the hopes for the co-op, Migoya told the NPR program: “Now these businesses would be able to tie together in a credit union-like atmosphere and obtain banking services — theoretically.”
We’ll continue to report on the cannabis co-op’s status, but learn more about previous banking struggles in The Cannabist’s banking archives.