Wednesday, February 15, 2012

State kills MMJ banking bill

Posted By on Wed, Feb 15, 2012 at 12:47 PM

When we spoke with Denver Sen. Pat Steadman about the medical marijuana co-operative banking bill he introduced, he was unsure who would support it, or whether it would even solve any problems. It turns out a Senate committee had the same worries and has spiked the bill 5-2, reports the Denver Post.

But the wheels came off when state officials testified that the state commissioner of financial services would not approve such entities over insurance concerns and that other regulations would likely continue to prevent medical-marijuana patients from using credit cards at dispensaries. Questions arose over whether other banks could accept checks written on the cooperatives' accounts.

This essentially leaves MMJ centers in the same place they've been since Colorado Springs State Bank booted its account holders: running a cash-only business from mattress savings accounts.

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