New Bills would create Medical Marijuana Banks, Limit Business Fines

DENVER – A bipartisan group of legislators wants to bring new meaning to the term “joint checking account.”

Senate Bill 75, introduced late last week, would allow medical marijuana businesses and patients to create a type of credit union that pot businesses could use for their financial transactions. Colorado banks will not open accounts for dispensaries because medical marijuana is still illegal under federal law. The bill would allow for the creation of financial cooperatives, backed up by insurance companies.

Click to expand...