We recently posted that Colorado lawmakers shot down marijuana banking rules. We added 'for now' to the title, because we felt that marijuana banking rules in Colorado was far from a dead issue. It didn't take long for the issue to come up again in the Colorado Legislature, and we here at the ICBC are happy to say that this time banking rules were approved.
Per the Huffington Post:
"The bill approved Wednesday would allow marijuana businesses to pool money in cooperative s, but the co-ops would on take effect if the U.S. Federal Reserve agrees to allow them to do things like accept credit cards or checks.
Democratic Gov. John Hickenlooper supports the pot bank plan and is expected to sign it into law, though a spokesman said Wednesday the governor had yet to review the final language."
This is a big thing for not only members of the Colorado cannabis industry, but members of the industry throughout the United States and the rest of the world. No other country has a banking system dedicated to the marijuana industry. We're hopeful that when the banking industry (and federal lawmakers) see how well this works, that national reform will be soon to follow.
There are still some questions that need to be answered. The first of which is 'how will this work?' It looks great on paper, and is certainly better than nothing, but how will it work out in reality? Also, how will the federal government react to this bill if/when it's signed into law? How do the federal guidelines affect the Colorado rules, if at all? Only time will tell, but it is great to see legislators take up this very important issue. At our conference in September, we will have a panel devoted to banking. Stay tuned as more states make similar moves and we continue to work at the federal level to bring about real banking reform.