Congress has stalled on marijuana banking, so Colorado is taking matters into its own hands | SteamboatToday.com

Congress has stalled on marijuana banking, so Colorado is taking matters into its own hands

Gov. Jared Polis is ordering his administration to use state legislative and regulatory change to help increase the number of banks working with cannabis businesses by 20%.

Jesse Paul
The Colorado Sun
The buds are trimmed from the plant, and the fan leaves are removed. The buds are hung to dry for four to six days, and then the sugar leaves are trimmed off.
John F. Russell

Colorado is taking action to try to give more legal marijuana businesses in the state access to banking as a Congressional effort to knock down the federal barriers has stalled

There are already a handful of banks in Colorado working with marijuana businesses, including Partner Colorado Credit Union in Arvada, where Gov. Jared Polis on Monday unveiled a roadmap to increase the number of financial institutions offering their services to the cannabis industry by 20% in the coming months.

But many more banks won’t work with cannabis businesses because of the potential regulatory and criminal consequences, since pot is still illegal under federal law. That has left many marijuana companies without access to everything from checking accounts to loans.

“We have an obligation to do what we can with the tools that we have while we work on this federal fix,” Polis said.

Polis is ordering his administration to identify opportunities for state legislative and regulatory clarity for state-chartered financial institutions, state-licensed money transmitters and state-regulated insurance companies. The idea is to create a path for more bank-cannabis businesses relationships by ensuring financial institutions know Colorado has their backs if they decide to take the risk.

Read the rest of the story at The Colorado Sun.

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