Colo. OKs World’s 1st Pot Banking System

    Buds are removed from a container at the "Oregon's Finest" medical marijuana dispensary in Portland, Oregon April 8, 2014. Over 20 Oregon cities and counties are moving to temporarily ban medical marijuana dispensaries ahead of a May deadline, reflecting a divide between liberal Portland and more conservative rural areas wary about allowing medical weed. Portland, Oregon's largest city, already has a number of medical marijuana clinics and has not moved to ban them. Picture taken April 8, 2014.  REUTERS/Steve Dipaola (UNITED STATES - Tags: DRUGS SOCIETY POLITICS HEALTH) - RTR3KMHE

    © Steve Dipaola / Reuters

    Since Colorado legalized marijuana in January, pot businesses have struggled to get access to basic financial services like checking accounts. Traditional banks fear the feds will crack down on what is literally drug money. On Friday, weed businesses got major help. Gov. John Hickenlooper signed a bill into law approving the world’s first banking system for the pot industry. It will create a network of uninsured cooperatives where the companies can pool their money. As a result of banks’ reluctance, most businesses have had to work solely in cash, which made it much harder for the state to track, but also more dangerous for the businesses.

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