Colorado Senate OKs co-op banking option for marijuana sellers

By Keith Coffman DENVER (Reuters) – The Colorado state Senate passed a bill on Wednesday to create the nation's first state-run marijuana financial cooperative, with the ultimate aim of opening newly legalized cannabis retail outlets to key banking services through the Federal Reserve. The 24-11 vote approving the so-called "cannabis credit co-ops" came days after the state House of Representatives cleared its own version of the bill, which seeks to address problems marijuana retailers face in having to operate on a cash-only basis. If they meet the deadline, the legislation will then head to Governor John Hickenlooper, a Democrat, who is expected to sign the bill into law. 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.