COLORADO: A Democratic lawmaker in Colorado has introduced a bill that would shield banks from federal prosecution for conducting business with recently legalized marijuana retailers.
Rep. Ed Perlmutter said his measure only makes sense, given that new state laws have opened the doors for the recreational marijuana market, The Daily Caller reported. The pot business is still primarily cash-only — and part of that is due to federal laws outlawing the drug still.
Pot growers and sellers can’t take credit cards, and banks can’t process credit payments without risk of prosecution. But dealing in cash can be risky, too.
The medical marijuana trade in Colorado claimed $200 million in sales in 2012, The Daily Caller reported. And the newly legalized recreational pot market will add to that figure considerably — meaning even more tax revenues for the state.