Banking For Marijuana Businesses In Colorado?
As things are right now, dispensaries are forced to keep all of the proceeds from marijuana sales in safes, but if the bill passes, they could start banking it soon.
Colorado Senator Cory Gardner is introducing an amendment that would allow marijuana businesses to open bank accounts in legal states.
The Strengthening the Tenth Amendment Through Entrusting States (STATES) Act was introduced this past summer by Gardner and Elizabeth Warren of Massachusets but has not moved since then, so it is being attached to a crime bill.
The difference passing that law will have on marijuana businesses is huge, as they will be able to open new avenues of commercial banking as well as protect their assets.
Allowing banking for marijuana retailers would only occur in states where marijuana has been legalized. It would still remain a schedule one drug in states where it has not been legalized.
Currently, because of marijuana's standing as a schedule one drug, banks are not allowed to accept deposits from marijuana sales.
Senator Garnder feels the amendment to the crime bill has a good chance of passing.