Colorado

May 3, 2014 6:38 AM by Jeff Langan

Colorado advances marijuana banking plan

DENVER (AP) - A hurried plan for Colorado to try creating the world's first financial system for marijuana is on the move in the state Legislature.

The state House gave preliminary approval late Friday night to a bill to allow marijuana businesses to form financial co-operatives, sort of uninsured credit unions. The co-ops would take effect only if the U.S. Federal Reserve agrees to allow them to access payment systems.

Sponsors call the bill Colorado's best shot to help the marijuana industry move away from its cash-only roots. Colorado tried a similar plan two years ago, but the plan was abandoned as unworkable.

This year's bill awaits a final House vote next week.

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