Posted: Aug 24, 2011 9:31 AM by Trovette Tottress
BOULDER, Colo. (AP) - The last bank in Colorado that was publicly doing business with the medical marijuana industry is closing all of those accounts because of concerns over regulations and legal issues.
Bank vice president John Whitten says those issues need to be resolved before banks can resume handling those transactions. Colorado Springs State Bank sent out a letter last week to its medical marijuana account holders requesting them to have their bank accounts closed by Sept. 30.
According to the Boulder Daily Camera, Colorado dispensaries are complaining they are being left with major problems. State law requires that they keep track of their transactions, but they said that becomes hard to do with federal law scaring off banks.