Colorado

May 1, 2014 6:34 AM by Chelsea DeCesare

Marijuana bank under review again in Colorado

DENVER (AP) - Colorado is trying again to create the world's first state-chartered pot bank.

A bill up for a hearing Thursday is prompted by frustration with recent federal marijuana banking guidance. Banks and the pot industry say the guidance is inadequate.

The bill would create a financial co-op, sort of an uninsured credit union aimed at helping the pot industry move away from its cash-only roots.

Lawmakers from both parties embrace the idea. But with less than a week before adjournment, it's unclear whether they have time to pull off the feat.

Banking services have been a top priority for the marijuana lobby for years in Colorado. A similar state-chartered bank proposal was tried but abandoned as unworkable two years ago.

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