Colorado lawmakers OK co-op banking option for marijuana sellers

By Keith Coffman DENVER (Reuters) – The Colorado legislature on Wednesday voted to create the nation's first state-run financial cooperative for marijuana sellers, with the aim of giving newly legalized cannabis retail outlets access to key banking services through the U.S. Federal Reserve. The approval of the so-called \"cannabis credit co-ops\" came on the final day of the legislative session, as lawmakers seek to address problems marijuana retailers face in having to operate on a cash-only basis, such as burglary threats. The proposal's chief sponsor, Representative Jonathan Singer, said the cooperatives are needed because traditional banks and credit unions have been hesitant to serve the burgeoning marijuana industry as long as the drug remains outlawed by the U.S. government. The bill now heads to Democratic Governor John Hickenlooper for his signature.