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Expert Analysis

Cannabis Credit Co-Ops Won't Solve Pot Banking Dilemma

Law360, New York ( May 14, 2014, 4:11 PM EDT) -- On May 7, 2014, Colorado legislatures passed the Marijuana Financial Services Cooperatives Act (the "Marijuana Co-op Act"), which would create the world's first marijuana-related financial system. Governor John Hickenlooper reportedly is expected to sign the bill into law. The Marijuana Co-op Act permits the creation of financial services cooperatives (referred to as "cannabis credit co-ops") to provide financial services to the marijuana industry. Although the Marijuana Co-op Act was introduced, and ultimately passed, in response to the growing "cash only" problem facing the marijuana industry, it is unlikely to solve that problem....

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