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Colorado Approves First Marijuana Banking System


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Colorado lawmakers approved the world's first financial system for the marijuana industry Wednesday, a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services.

 

The plan seeks to move the marijuana industry away from its cash-only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal.

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