Promise For Pot-Banking Co-Op Sees Little Progress Since It Was Law

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Despite 11th-hour success at pressing Colorado legislators to pass a measure that would allow the marijuana industry to create the world's first pot-banking cooperative, no one has officially attempted to create one. Even with the flurry of international publicity that swirled last spring around the groundbreaking effort one that theoretically would allow pot businesses to band together and form their own banking entity there has been lukewarm interest in giving it a try without first knowing it's not a useless effort.

As such, there hasn't been a formal application to the federal agency that would have to approve one. But that doesn't mean nothing's happening. "We continue to see some movement, but any specifics and those (who are) involved is confidential," said Andrew Freedman, Colorado's director of marijuana coordination and one of the forces behind House Bill 1398, the pot finance co-op measure. What is happening, according to interviews with several people familiar with the process, is that a consortium of businesspeople connected to the marijuana trade has committed to giving this credit-union-type idea a try, but only if the U.S. Federal Reserve of Kansas City gives them a fair hearing. For now, the Federal Reserve hasn't said one way or the other – probably because there hasn't been a formal application for access to the nation's financial system.



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Source: Denverpost.com
Author: David Migoya
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Website: Promise for pot-banking co-op sees little progress since it was law - The Denver Post