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Banks in Colorado are hesitant to lend to medical marijuana dispensaries because of federal pressure, so some of the state’s legislators want to set up a separate cooperative banking system just for legal pot dealers. Call them joint accounts. “The state has taken great strides to legitimatize and regulate the medical marijuana industry,” said Sen. Pat Steadman, a Democrat, who is co-sponsoring the bill with Republican Rep. Tom Massey. “But our biggest challenge is finding banks that will serve them. We need a statewide solution to work around problems that find their origin in federal law.” Senate Bill 75 would enable independent parties to create “exclusive financial cooperatives” subject to the same regulations as credit unions, except that they would be insured by “non-federally backed” insurance policies.  “I’ve promised never to use the term ‘credit union,’ ” Steadman told The Daily.

Banks in Colorado are hesitant to lend to medical marijuana dispensaries because of federal pressure, so some of the state’s legislators want to set up a separate cooperative banking system just for legal pot dealers. Call them joint accounts.

“The state has taken great strides to legitimatize and regulate the medical marijuana industry,” said Sen. Pat Steadman, a Democrat, who is co-sponsoring the bill with Republican Rep. Tom Massey. “But our biggest challenge is finding banks that will serve them. We need a statewide solution to work around problems that find their origin in federal law.”
Senate Bill 75 would enable independent parties to create “exclusive financial cooperatives” subject to the same regulations as credit unions, except that they would be insured by “non-federally backed” insurance policies. 
“I’ve promised never to use the term ‘credit union,’ ” Steadman told The Daily.

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    Lol at the ‘joint’ account part
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