Pot Finance Co-Ops Likely To Fail, But They’re Better Than Nothing

Chris Myklebust, commissioner of the Division of Financial Services for the Colorado Department of Regulatory Services, says there are hurdles to overcome yet.

COLORADO:  A hurry-up bill that whizzed through the final days of the Colorado legislature to create the world’s first financial cooperatives for the marijuana industry still faces about two years of added preparation, backers now say. But despite the initial optimism surrounding House Bill 1398, those familiar with the Federal Reserve System — the agency Read the full article…

Marijuana Co-Op Finance Bill Refuses To Die In Colorado Statehouse

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.

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 Read the full article…