COLORADO: A late bill to create co-ops to finance the marijuana industry has come back from a near-death experience.
House Bill 1398 got off to a strong start Thursday in the House Business Committee, only to get gutted late that evening in the House Finance Committee before House Appropriations restored the original version Friday morning and sent the measure to a vote on the House floor.
The bill puts a twist on the credit-union model by creating cannabis credit co-ops for licensed pot businesses and their affiliates who are currently blocked from the traditional banking system because of federal prohibitions on marijuana.
“This sets up a structure of a new type of financial structure to the gap we’re seeing between banking and the marijuana industry,” testified sponsor Rep. Jonathan Singer, D-Boulder. “It’s the only solution we see.”