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"It is very easy to see somebody get killed over this issue," Marijuana Industry Group Director Michael Elliott testified last month.

"This is our main problem: Financial services for marijuana businesses," said Republican Sen. David Balmer. "We are trying to improvise and come up with something in Colorado to give marijuana business some opportunity, so they do not have to store large amounts of cash."

want to track marijuana sales and collect taxes. It's a lot easier to do that when the businesses have bank accounts.

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Kristen Wyatt The Associated Press Posted 4 months ago

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Colorado lawmakers approved the world's first financial system for the marijuana industry Wednesday, a network of uninsured co operatives designed to give pot businesses a way to access basic banking services.

But most banks have shrugged at the Treasury guidelines, calling them too onerous to accept marijuana related clients. The result is a marijuana industry that still relies largely on cash, a safety risk for operators and a concern for Colorado's pot regulators.

Rep. Jonathan Singer, D Longmont, listens to discussion on a bill he sponsored which would allow marijuana dispensaries to form financial co operatives, at the Colorado Legislature, in Denver, Wednesday May 7, 2014. The plan to create the world's first financial system for marijuana came back to life in the Colorado Legislature May 7 when lawmakers revived the bill which sponsors called the state's best hope for moving the marijuana industry away from its all cash basis. (AP Photo/Brennan Linsley)

Lawmakers from both parties supported the banking co ops as a way to properly audit marijuana shops and to make sure they're paying all their taxes. Dispensary owners came to the Capitol this session to tell of their difficulties paying taxes and utilities in cash and the dangers of Omega Speedmaster New dealing in cash.

Rep. Jonathan Singer, D Longmont, listens to discussion on a bill he sponsored which would allow marijuana dispensaries to form financial co operatives, at the Colorado Legislature, in Denver, Wednesday May 7, 2014. The plan to create the world's first financial system for marijuana came back to life in the Colorado Legislature May 7 when lawmakers revived the bill which sponsors called the state's best hope for moving the marijuana industry away from its all cash basis. (AP Photo/Brennan Linsley)

The plan had bipartisan support, though some Omega Seamaster Titane

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Republicans said that the effort won't pass federal muster.

Colorado became the first state to allow recreational pot sales, which started Jan. 1. Washington state will follow suit, with retail sales expect to start in July. Treasury Department said in February that banks could serve the marijuana industry under certain conditions. With the industry emerging from the underground, states Omega Speedmaster On Leather Strap

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The result: Pot shop owners deal in large amounts of cash, which makes them targets for criminals. Or they try to find ways around the problem, like drenching their proceeds in air freshener to remove the stink of marijuana and try to fool traditional banks into accepting their money.

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or checks.

Democratic Gov. John Hickenlooper supports the pot bank plan and is expected to sign it into law, though a spokesman said Wednesday the governor had yet to review the final language.

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The plan seeks to move the marijuana industry away from its cash only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal.

Countries that don't ban marijuana don't have banking systems unique to the drug.

´╗┐Colorado lawmakers approve plan for first financial system specifically for marijuana industry

Numerica Credit Union in eastern Washington state is accepting limited business from marijuana growers and processors, The Spokesman Review reported Wednesday.

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A few banks are accepting marijuana clients in light of the federal regulations.

"This is not something that we can wait for any further," said another banking sponsor, Democratic Rep. Jonathan Singer. Federal Reserve agrees to allow them to do things like accept credit cards Omega Speedmaster Automatic Date

Colorado pot shop owners say a small number of credit unions will do business with them, too, though no banks or credit unions have said so publicly.

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