Colorado legislators approved a bill to create cannabis credit co-ops in an attempt to resolve the banking problems for marijuana businesses. While it’s a positive step for these small businesses, the co-ops won’t be able to create checking accounts without the approval of the Federal Reserve, which is unlikely. The co-ops’ deposits will not be federally insured nor will they be protected from Federal seizures, and Colorado has said it won’t defend the co-ops in the case of a seizure.
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