Banking For Pot Shops Eyed In Colorado

[Hempcheff]

http://xfinity.comcast.net/articles/news-general/20120214/US.Medical.Marijuana.Banking/

 

DENVER — Medical marijuana is legal in 17 states, but the industry has a decidedly black-market aspect — it's mostly cash-only.

 

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.

 

In Colorado, state lawmakers are attempting an end-run around the federal ban with a bill that would create the nation's first state cooperative financial institution for dispensaries and growers to allow them to store and borrow money.

 

The proposal, if enacted, would be a direct challenge to the U.S. Justice Department, which warns that all financial transactions involving pot money are illegal.

[newbie313]

Very interesting. We should all keep our eyes on these developments....

[Frank R]

Yah, that totally legitimizes the MMJ venture.