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Colorado's Marijuana Banking Plan in Flux

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By Associated Press

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Updated: Sat, 03 May 2014 07:30:38 MST

DENVER (AP) - A divisive plan for Colorado to try creating the world's first financial system for marijuana was in flux at the state Legislature.

A House committee revived a bill Friday to allow marijuana businesses to form financial co-operatives, sort of uninsured credit unions.

The co-ops would take effect only if the U.S. Federal Reserve agrees to allow them to access payment systems.

The fate of the plan was in doubt late Friday. Some lawmakers called it the state's best shot to help the marijuana industry move away from its cash-only roots.

But others fretted that the plan wouldn't work and simply complicate the problem.

Colorado tried two years ago to set up a banking system for the pot industry.

The plan was abandoned as unworkable.

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