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Colorado law sets up marijuana banks; feds must OK

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Posted: Friday, June 6, 2014 7:00 pm | Updated: 8:57 pm, Fri Jun 6, 2014.

DENVER — Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world’s first financial system for the newly legal industry in Colorado.

The legislation seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services like checking. But approval from the Federal Reserve remains a hurdle.

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