IPFS News Link • Business/ Commerce
Marijuana Banking Scheme Passes First Test In Colorado
• http://www.businessinsider.com, Keith CoffmanThe cash-only nature of marijuana businesses is making them targets for crime, limiting access to capital, and impeding the state's ability to track revenues, Singer said.
"This sets up a new type of financial structure to the gap we're seeing between banking and the marijuana industry," said Singer, a Democrat.
The proposal calls for new "cannabis credit co-ops" - similar to credit unions without deposit insurance - to be governed by the state's financial services commissioner. But they would need Fed approval for access to banking services, such as credit card processing and checking accounts.