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DENVER—Colorado medical marijuana businesses would be able form a financial cooperative similar to a credit union under a proposal introduced in the state Senate.
Lawmakers say the legislation’s goal is to provide a paper trial of business operations. Republican Rep. Tom Massey is co-sponsoring the legislation. He says medical marijuana businesses are forced to operate in cash. That’s because banks worry that dealing with pot shops could run afoul of federal laws.
The bill says the financial cooperatives would be subject to the same regulations as credit unions. Democratic Sen. Pat Steadman is sponsoring Senate Bill 75 in the Senate, where it was introduced Thursday.
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Senate Bill 75:
